The Indian stock market closed the holiday-shortened week positively, with benchmark indices seeing gains for the third time in four sessions, and the Nifty holding above 24,000. Analysts noted a constructive near-term technical outlook, emphasizing the need for fresh buying to continue the rally. The Sensex maintained a positive bias, aiming to surpass the 77,500-77,700 hurdle for a potential rally towards 78,000-79,000.
Market experts highlighted that the Nifty, after starting the week positively, faced profit-booking initially, dropping to an intra-day low of 23,784.95 before recovering. They pointed out immediate resistance levels at 24,400 and 24,500 for the Nifty, with support expected at 23,900 and 23,800. During the week, the Sensex rose by 0.39% to close at 77,100.47, while the Nifty gained 0.18% to end at 24,056.
The decline in crude oil prices acted as a positive factor for domestic equities, with Brent crude returning to pre-conflict levels due to normal tanker movement through the Strait of Hormuz and reduced tensions in West Asia. This decrease alleviated concerns regarding imported inflation, India’s current account deficit, and corporate profit margins. Analysts remain optimistic about the market’s technical setup, anticipating further gains if key resistance levels are breached.
