1 week ago
Sensex, Nifty Need Key Breakouts to Revive Market Recovery
Indian share prices had a difficult week and remained uncertain.
The Sensex and Nifty are the two main market measures discussed here.
Analysts believe the Sensex must rise above 77,720-78,000 to show stronger recovery.
They also say the Sensex should stay above 77,000-77,380 to avoid weakening further.
For the Nifty, 24,400-24,600 is an important area it needs to cross.
If the Nifty falls below 23,900, investors could become more worried.
Higher oil prices, rising global bond yields and geopolitical tensions affected investor confidence.
The Nifty and Sensex both recorded their second straight weekly declines.
Smaller companies performed better, with the SmallCap index rising about 1.2%.
Analysts see the Indian stock market’s near-term outlook as sideways to cautious.
The Sensex has support at 77,000-77,380 and resistance at 77,720-78,000.
The Nifty faces support at 24,000-23,800, with stronger support near 23,650.
A move above 24,600 could strengthen Nifty recovery, while a break below 23,900 may increase selling pressure.
The Nifty fell about 0.47% and the Sensex nearly 0.60% during the week, marking their second consecutive weekly losses.
- Who
- Indian stock-market investors and analysts, with the Sensex and Nifty as the key benchmarks.
- What
- Analysts assessed support and resistance levels for the Sensex and Nifty after both indices recorded weekly declines.
- Where
- The Indian stock market, with the report datelined Mumbai.
- When
- During the reported trading week, ending Friday.
- Why
- Elevated crude oil prices, rising global bond yields and persistent geopolitical tensions weighed on investor sentiment, while technical indicators remained cautious.
Key facts
- Sensex close
- 77,540.83 on Friday, after edging up three points.
- Nifty 50 close
- 24,252 on Friday, up 20 points or 0.08%.
- Weekly Sensex performance
- Down nearly 0.60%, its second consecutive weekly loss.
- Weekly Nifty performance
- Down around 0.47%, also its second consecutive weekly loss.
- Sensex levels
- Immediate support at 77,000-77,380; key resistance at 77,720-78,000.
- Nifty levels
- Support at 24,000-23,800, stronger support near 23,650; resistance at 24,400-24,600.
- Broader market
- The SmallCap index gained around 1.2%, while the MidCap index ended marginally lower.
Quotes
Market expert
An unnamed market expert providing technical analysis of the benchmark index.
“From a technical perspective, the index continues to trade around its 50-Day EMA but remains below the crucial 200-Day EMA, keeping the broader trend cautious. RSI at 49.00 indicates subdued momentum, with no clear directional strength at present.”
thehansindia.com
“On the upside, a decisive move above 24,600 could strengthen recovery momentum and attract fresh buying, while a break below 23,900 may increase selling pressure and weaken the near-term setup.”
thehansindia.com
Sources
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