Indian equity markets are anticipated to pay close attention to crucial technical levels in the upcoming week. Analysts suggest that the Sensex might encounter immediate resistance in the 78,400–78,600 range, while the Nifty will need to surpass the 24,400–24,500 zone to sustain its recent recovery momentum.
Last week, despite ongoing geopolitical tensions, high crude oil prices, and global interest-rate uncertainties, Indian equity markets concluded on a positive note. Both benchmark indices, the Nifty and the Sensex, recorded notable weekly gains. The Nifty closed at 24,334.30, marking a 0.53% increase, while the Sensex settled at 78,151.45, rising by nearly 0.75%. However, profit booking in the broader market led to marginal declines in the Midcap and Smallcap indices.
Market analysts observe that the Sensex has exhibited resilience post regaining key short-term levels, attracting consistent buying interest. The 78,400–78,600 range is identified as an immediate resistance zone, with potential for bullish momentum if breached decisively towards the 79,000–79,200 levels.
Experts mention that the 77,600–77,300 zone is expected to offer immediate support for the Sensex, followed by the psychologically significant 77,000 mark. Sustaining levels above these points is crucial to uphold the ongoing recovery trend. Conversely, a significant drop below 77,000 could trigger fresh profit booking, pushing the index towards the 76,700–76,500 range.
Regarding the Nifty, analysts highlight its proximity to the critical 24,400–24,500 resistance zone, which aligns with a major horizontal supply area and the 100-week moving average around 24,490. Immediate resistance levels for the Nifty are situated at 24,700 and 24,800, while support levels are seen at 24,000 and 23,800.
