Nifty Faces Hurdle At 24,600, Sensex Eyes Resistance Near 78,800

Mumbai: Indian equity markets are expected to remain cautious next week, with technical indicators suggesting that the Nifty could face a major hurdle around 24,600, while the Sensex may encounter resistance between 78,500 and 78,800.

The benchmarks ended the previous week lower, snapping a two-week winning streak as geopolitical concerns and higher crude oil prices prompted investors to book profits.

Nifty Outlook

The Nifty closed the week at 24,366, down 0.83 per cent. The weekly chart indicated a corrective move after the index’s recent recovery.

According to market experts, the 24,600-24,650 zone is likely to act as an important resistance area.

A decisive close above 24,600 could improve sentiment and open the way for an upward move towards 24,800-25,000.

On the downside, 24,350 will be an important level to watch.

A clear break below this mark could lead to further profit-booking, with the next support around 24,200. A sharper decline could take the index towards the 23,800-24,000 zone.

Sensex Levels

The Sensex also reflected weakness during the week and moved back towards the psychologically important 78,000 mark.

The index finished at 78,009.25, registering a weekly decline of 0.62 per cent.

Experts see immediate support in the 77,700-77,500 range. If this zone fails to hold, the Sensex could move towards 77,000.

On the upside, the 78,500-78,800 band is expected to act as immediate resistance.

The index will need to reclaim this range to strengthen its technical structure and revive the recovery seen earlier in August.

Geopolitical Pressure

Indian benchmarks remained largely range-bound during the week as investors adopted a cautious approach.

Concerns surrounding the US-Iran standoff and developments around the Strait of Hormuz overshadowed supportive domestic factors.

Rising crude oil prices also restricted gains, even as first-quarter corporate earnings remained broadly resilient and buying continued in selected sectors.

Broader markets delivered a mixed performance.

The MidCap index gained 0.50 per cent during the week, while the SmallCap index declined 0.66 per cent, highlighting selective investor interest amid continuing global uncertainty.