Sensex Faces 78,000 Resistance, Nifty Eyes 24,600 Breakout As Analysts See Range-Bound Market Next Week
Indian markets are expected to trade in a range with a positive bias next week. Analysts see 78,000 as a key hurdle for the Sensex and 24,600 for the Nifty, while support levels remain crucial for sustaining the recent recovery.
Indian markets are expected to trade in a range with a positive bias next week. |
Mumbai: The Indian stock market is expected to remain range-bound with a cautiously positive outlook in the coming week, according to market analysts. While benchmark indices may face resistance at higher levels, experts believe the overall market trend remains positive if key support zones continue to hold.
Sensex Nears Key Resistance
Analysts expect the Sensex to face immediate resistance in the 77,800-78,000 range. A strong move above this zone could improve market sentiment and open the way for the index to climb towards 78,400-78,600.
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On the downside, the first support is seen between 77,300 and 77,200, followed by the important 77,000 level. Holding above these levels would keep the recent recovery intact.
However, if the Sensex falls below 77,000, fresh profit booking could emerge and pull the index towards the 76,700-76,500 zone.
Nifty Looks for Breakout
The Nifty remained volatile during the previous week but managed to recover from lower levels. Analysts said immediate support is placed in the 23,800-24,000 range, while 23,650 remains a stronger support level.
The key resistance is seen between 24,400 and 24,600. A decisive breakout above this zone could strengthen bullish momentum and help the index move closer to the 25,000 mark.
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Market Mood Remains Positive
The benchmark indices ended last week with small losses, ending a four-week winning streak. Rising tensions in West Asia and a sharp increase in crude oil prices weighed on investor sentiment during the middle of the week.
Despite this, markets recovered in the final sessions as investors returned to buying quality stocks. Analysts said steady monsoon progress, encouraging first-quarter business updates and improving domestic sentiment continue to support the broader market.
According to market experts, investors should closely watch the key resistance and support levels, as they are likely to decide the market's direction in the coming sessions.
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