Mumbai: Indian benchmark equity indices closed higher on Friday, supported mainly by buying in banking stocks.
Strong gains in major banks like ICICI Bank, HDFC Bank and Axis Bank helped markets recover from earlier weakness.
However, investors continued to remain cautious due to global uncertainty, rising crude oil prices and inflation worries.
Nifty Eyes 24,000 Breakout
Market experts believe the Nifty is slowly showing signs of recovery after recent volatility.
Analysts said the index is now trying to stabilise as buying interest is returning at lower levels.
From a technical perspective, the Relative Strength Index (RSI) on the weekly chart stands at 42.69. This indicates that market momentum is improving gradually but still remains in the neutral zone.
Important Levels For Nifty
According to analysts, immediate resistance for the Nifty is placed near 23,900 and 24,000.
A strong breakout above these levels could push the market higher in the coming sessions.
On the downside, important support is seen at 23,250 and 23,000.
Experts warned that if the Nifty falls below 23,000, fresh selling pressure may emerge in the market.
Sensex Faces Resistance Near 76,000
Analysts believe the Sensex is also trading cautiously due to ongoing geopolitical tensions and uncertain global developments.
The index is expected to face immediate resistance in the 75,800 to 76,000 range.
Meanwhile, support is seen near the 74,600 to 74,400 zone.
Experts said a clear breakout either above resistance or below support may decide the next major market trend.
Traders Advised To Stay Cautious
Market experts are advising traders to remain disciplined amid continuing volatility.
Analysts suggested using strict stop-loss strategies to manage risk as global crude oil prices, inflation concerns and geopolitical tensions may continue to impact investor sentiment next week.
