4 hrs ago
Nifty and Sensex End Losing Streak as Experts Watch Resistance
Indian stocks rose on Friday after falling for eight weeks in a row.
The Nifty and Sensex both finished higher.
Technology shares helped lead the gains after encouraging company results and business trends.
Experts say this is a hopeful sign, but one good week does not prove that the market has turned around.
They are watching certain price levels that could act like floors or ceilings.
If the Nifty rises above 22,800 and stays there, it could climb further.
If it falls below important support levels, it could lose ground again.
Experts also say the Sensex needs to rise above 73,200 to strengthen its recovery.
They expect prices may remain jumpy while the market tests these levels.
The Nifty rose 1.3% to 22,520.45 and the Sensex gained 1.23% to 72,472.33 on Friday.
Both benchmarks ended an eight-week losing streak; for the week, the Nifty gained 0.44% and the Sensex 0.78%.
Information technology stocks led Friday’s gains, supported by quarterly earnings and international business growth trends.
Experts see Nifty support around 22,200–22,400 and immediate resistance at 22,750–22,800; a sustained move above resistance could open a path toward 23,100–23,300.
For the Sensex, experts identify resistance at 73,000–73,200 and support at 71,000–71,200, with a move above 73,200 potentially extending the recovery toward 74,000 and 74,600.
- Who
- The Nifty and Sensex, with market experts assessing their prospects.
- What
- Both Indian equity benchmarks rose on Friday, ending eight-week losing streaks.
- Where
- Indian equity markets; the article is datelined Mumbai.
- When
- Friday; no calendar date is specified.
- Why
- Information technology stocks gained after encouraging quarterly earnings and strong international business growth trends.
Key facts
- Nifty Friday close
- 22,520.45, up 1.3%
- Sensex Friday close
- 72,472.33, up 1.23%
- Weekly change
- Nifty +0.44%; Sensex +0.78%
- Nifty support
- Experts cited support zones of 22,200–22,250 and 22,200–22,400.
- Nifty resistance
- 22,750–22,800; a sustained break above 22,800 could open a route toward 23,100–23,300.
- Sensex resistance
- 73,000–73,200; a decisive break above 73,200 could extend recovery toward 74,000 and 74,600.
- Sensex support
- 71,000–71,200; a sustained breach below 71,000 could renew selling pressure.
Quotes
Market experts
Experts commenting on technical levels for the Nifty.
“A decisive move above 73,200 could extend the recovery towards 74,000 and subsequently 74,600.”
thehansindia.com
“A sustained move above 22,800 may open the door for a rally towards 23,100 and 23,300.”
thehansindia.com
Sources
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