3 weeks ago
Sensex Eyes 79,700 On Breakout, Nifty Could Target 25,200
The Sensex and the Nifty are like scoreboards that show how India's biggest companies are doing.
This week, analysts said both scoreboards could go higher.
For that to happen, the Sensex needs to get past a certain zone of points.
If it does, it could climb to about 79,700 points.
The Nifty could also move up to about 25,200 points.
This week the Sensex went up a little and the Nifty went up a bit more.
Even smaller companies did well, with mid-sized stocks rising slightly and small companies climbing more.
Not everything was calm, though.
The central bank made a money decision, new trading rules started, and world events made investors a bit nervous.
So if prices fall below certain support levels, investors might start selling, and the market is waiting to see which way it will break.
Indian equity benchmarks Sensex and Nifty are projected to target 79,300-79,700 and 25,200 respectively if key resistance levels are decisively crossed.
Sensex ended the week up 0.52% at 78,499.17, while Nifty gained 0.77% to close at 24,570.65.
For the Sensex, 78,800-79,000 is the immediate resistance zone, while 77,300-77,200 and 77,000 are key support levels.
For the Nifty, 24,900-25,000 is the immediate resistance range and 24,100-24,200 is the key support area.
Broader indices outperformed, with the midcap index up 0.81% and the smallcap index up 2.61%; weekly volatility was tied to the new Closing Auction Session framework for F&O stocks, RBI's monetary policy decision and geopolitical uncertainties.
- Who
- Analysts tracking India's benchmark equity indices, the Sensex and the Nifty
- What
- A bullish technical outlook projecting the Sensex towards 79,300-79,700 and the Nifty towards 25,200 if key resistance levels are decisively broken
- Where
- Mumbai, India
- When
- During the trading week covered by the report, which ended with moderate gains
- Why
- The indices maintained positive technical structures, but analysts cautioned that a decisive fall below key support levels could trigger renewed profit booking
Key facts
- Sensex weekly close
- 78,499.17 (+0.52%)
- Nifty weekly close
- 24,570.65 (+0.77%)
- Sensex resistance and target
- Resistance 78,800-79,000; target 79,300-79,700
- Sensex support
- 77,300-77,200, then 77,000
- Nifty resistance and target
- Resistance 24,900-25,000; target 25,200
- Nifty support
- 24,100-24,200
- Broader indices weekly gains
- Midcap +0.81%; Smallcap +2.61%
- Volatility drivers
- New Closing Auction Session framework for F&O stocks, RBI monetary policy decision, geopolitical uncertainties
Quotes
Analyst
Financial market analyst
“On the downside, the 77,300–77,200 zone remains the immediate support area, followed by the 77,000 psychological level. Holding above these levels will be important to maintain the improving technical structure, while a decisive break below 77,000 could invite renewed selling pressure.”
thehansindia.com
Sources
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