After a strong performance last week, India’s benchmark indices are anticipated to continue on a positive path. Experts suggest that the Sensex could aim for 79,000 and the Nifty for 24,600 if they can uphold crucial resistance levels in the upcoming sessions. The previous week saw solid gains in the Indian stock market, supported by robust GST collections, improved industrial output, and growth in the manufacturing and services sectors. Market sentiment was also boosted by expectations of a more supportive global monetary policy following weaker US labor market data.
Benchmark indices showed resilience despite mixed global cues and a slight moderation in India’s services sector activity. The Sensex closed the week with a 0.86% gain at 77,763.91, while the Nifty climbed 0.90% to 24,270.80. Experts highlight that the Sensex’s technical setup remains positive, with the 78,100-78,200 range as immediate resistance. Breaking above this range could strengthen bullish momentum towards the 79,000 mark. On the downside, support levels are expected at 77,500-77,400 and 77,000.
Market experts emphasize the importance of maintaining support zones for the broader recovery trend. For the Nifty, a positive technical structure is noted as it trades above the 100-day EMA and closed above the falling resistance trendline. Immediate support is expected at 24,050-24,150, with the 24,421 level as the first major resistance. A decisive move above this level could lead to a rally towards 24,600, a key hurdle for the bulls.
