Indian equity benchmark indices closed higher on Friday, with analysts predicting the Nifty to challenge the crucial 24,000 resistance level next week. The Sensex, however, may encounter obstacles near the 76,000 mark due to ongoing global uncertainty and fluctuating crude oil prices.
Experts noted a gradual market recovery supported by gains in heavyweight banking stocks, despite lingering inflation worries and geopolitical tensions. Technical analysis revealed the RSI on the weekly timeframe at 42.69, indicating a momentum recovery while staying in the neutral zone.
Market observers highlighted that the index is striving to stabilize post recent volatility, with buying interest at lower levels and traders closely watching breakout zones for directional signals. Analysts identified immediate resistance levels for the Nifty at 23,900 and 24,000, with support at 23,250 and 23,000.
For the Sensex, analysts observed a cautious trading tone amid global uncertainties and geopolitical issues. They pointed out immediate resistance around 75,800-76,000 and support near 74,600-74,400. A decisive breakout in either direction could dictate the market’s next significant move in the upcoming sessions.
Given the current market conditions, traders are advised to maintain discipline and adhere to strict stop-loss strategies amidst the prevailing volatility. The market closed higher on Friday, primarily driven by robust buying in heavyweight banking stocks like ICICI Bank, HDFC Bank, and Axis Bank. However, caution prevailed due to escalating crude oil prices, inflation concerns, and geopolitical tensions.
