Sensex Eyes 74,000 And Nifty 23,300, Analysts Flag Hurdles To Recovery

Mumbai: Sensex and Nifty rebounded on Friday after Thursday’s sharp sell-off, but analysts said the recovery needs further confirmation, with sustained moves above 74,000 and 23,300, respectively, crucial to strengthening momentum.

The Sensex climbed 315.20 points, or 0.43 per cent, to close at 73,895.74. Nifty advanced 77.40 points, or 0.34 per cent, to settle at 23,140.50.

Despite the gains, market watchers maintained a cautious outlook, citing weak technical signals and resistance levels that could test the rebound.

Sensex Faces Resistance

The Sensex traded between 73,477.77 and 73,968.05 during Friday’s session, swinging nearly 490 points. The recovery followed a decline to its lowest level in more than three months on Thursday.

Analysts said the index retained a sideways-to-bearish outlook, with the 73,200–73,450 band serving as a crucial support zone.

Sustained buying above 74,000 could strengthen the recovery and create room for an advance towards 74,200–74,500. A break below the support band, however, could revive selling pressure.

Market watchers advised monitoring the 73,500–74,000 range alongside changes in open interest for confirmation of the next directional move.

Nifty Structure Weakens

Nifty’s modest rebound has not removed concerns about its short-term technical structure, analysts said.

They pointed to a gradual deterioration in the weekly setup, with the recent breakdown below 23,070 weakening the near-term outlook.

While sustaining above 23,300 could strengthen recovery momentum, immediate resistance is seen at 23,400, followed by 23,600. A sustained move above this resistance zone could provide relief and help the benchmark regain stability.

Downside Levels Matter

On the downside, analysts identified 23,000 and 22,800 as important support levels for Nifty.

A decisive break below the 22,800–23,000 band could further weaken the technical structure and leave the index vulnerable to additional losses.

Friday’s closing levels left both benchmarks below the thresholds analysts identified for a stronger recovery. The next directional move will depend on whether buying sustains above resistance or selling pushes indices through support over the next few sessions.