3 days ago
Sensex, Nifty Face Key Resistance as Outlook Remains Cautious
India's main stock indexes had a difficult week and fell for the third week in a row.
On Friday, both indexes recovered some ground.
Buying in technology shares helped lift the market.
Lower crude oil prices and positive signals from global technology markets also helped.
However, investors remain cautious because of interest-rate worries and geopolitical uncertainty.
The Sensex needs to move above 78,000 to show stronger recovery.
The Nifty needs to cross 24,400 for its outlook to improve.
If either index falls below important support levels, more selling could occur.
Sensex and Nifty declined for a third consecutive week amid global rate concerns, geopolitical uncertainty and market volatility.
The Sensex faces immediate resistance at 77,700-78,000, with support near 77,000 and 76,700-76,500.
The Nifty's key resistance is at 24,300-24,400, while support remains around 24,000-23,800.
A sustained move above 78,000 for the Sensex or 24,400 for the Nifty could extend the recovery.
On Friday, the Sensex rose 331 points and the Nifty gained 85 points, supported by IT shares, global technology cues and softer crude prices.
- Who
- India's equity benchmarks, the Sensex and Nifty.
- What
- The indexes ended lower for a third consecutive week but rebounded on Friday, while technical resistance levels remain important.
- Where
- The Indian equity market.
- When
- During the reported trading week, with the rebound occurring on Friday.
- Why
- Global interest-rate concerns, geopolitical uncertainty and volatility associated with the new Closing Auction Session affected sentiment.
Key facts
- Sensex Friday close
- 77,264.51, after rising 331 points or 0.43 per cent.
- Nifty Friday close
- 24,175.65, after gaining 85 points or 0.35 per cent.
- Weekly Sensex performance
- Down nearly 0.36 per cent.
- Weekly Nifty performance
- Down around 0.31 per cent.
- Sensex levels
- Resistance at 77,700-78,000; support at 77,000 and 76,700-76,500.
- Nifty levels
- Resistance at 24,300-24,400; support at 24,000-23,800.
- Broader markets
- Midcap and Smallcap indices rose around 0.52 per cent and 0.51 per cent, respectively.
Sources
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