Mumbai: The Sensex gained 362.57 points, or 0.48 per cent, to close at 76,515.43 on Friday, while the Nifty rose 24.25 points, or 0.10 per cent, to settle at 23,897.70, snapping a four-session losing streak.
Despite the rebound, the benchmarks ended well below their intraday highs, reflecting continued caution amid elevated crude oil prices, geopolitical tensions and foreign investor selling.
Nifty Faces Resistance At 24,200
The Nifty crossed 24,000 during Friday's session and touched an intraday high of 24,005.75 before surrendering most of its gains during the Closing Auction Session.
For the coming week, analysts see 23,800 as the immediate support. A decisive break below this level could increase selling pressure and pull the index towards 23,600.
On the upside, 24,000 to 24,200 is expected to remain the key resistance zone. A sustained move above this range would be important for a stronger recovery.
Sensex Eyes 78,000 Breakout
The Sensex surged as much as 730.28 points during Friday's session to touch an intraday high of 76,883.14 before giving up part of the advance.
Immediate resistance is seen between 77,000 and 77,500, followed by a stronger hurdle in the 77,700 to 78,000 range.
A decisive and sustained move above 78,000 could strengthen the recovery and open the way towards 78,500 to 78,800.
What Could Drive Markets
Indian equities remained in a corrective phase during the week as higher crude oil prices and renewed geopolitical tensions weighed on investor sentiment.
Uncertainty surrounding the global interest rate outlook added to the pressure, while continued foreign investor selling limited the strength of Friday's rebound.
The ability of the Nifty to defend 23,800 and the Sensex to move past the 78,000 hurdle will provide important technical cues for traders in the coming sessions.
