Mumbai, Aug 16 (IANS) Indian equity markets are likely to remain in a cautious consolidation phase next week, with the Nifty facing resistance around 24,600-24,650 and the Sensex finding immediate support near 77,700-77,500, experts said on Sunday.
On the Sensex outlook, experts said the index mirrored the broader weakness and slipped back towards the psychologically important 78,000 level.
“Immediate support is seen at 77,700–77,500, with a deeper pullback risking a test of 77,000. On the upside, 78,500–78,800 now stands as the immediate resistance, a level the index will need to reclaim to restore the improving technical structure seen earlier in the month,” an analyst stated.
On the Nifty outlook, experts said the weekly candle indicates a corrective move following the recent recovery, with the index facing resistance near the 24,600-24,650 zone.
“A decisive break below 24,350 could trigger further profit booking, with immediate support at 24,200, followed by the 23,800–24,000 zone. On the upside, 24,600 remains the key hurdle. A decisive close above this level could trigger a fresh upmove towards the 24,800–25,000 zone,” a market expert stated.
Meanwhile, the domestic benchmark indices ended lower during the week, snapping a two-week winning streak as concerns over the U.S.-Iran standoff and developments around the Strait of Hormuz triggered profit-booking at elevated levels.
Although first-quarter earnings remained largely resilient and select sectors continued to attract buying interest, broader market momentum remained subdued amid heightened uncertainty.
The Nifty remained largely range-bound through most of the week, reflecting a cautious and selective approach among investors.
Supportive domestic fundamentals were overshadowed by geopolitical concerns and rising crude oil prices, limiting the scope for sustained gains.
For the week, the Sensex declined 0.62 per cent to close at 78,009.25, while the Nifty fell 0.83 per cent to end at 24,366.
In the broader market, the MidCap index gained 0.50 per cent, while the SmallCap index declined 0.66 per cent.
–IANS
pk
