Mumbai: The Indian stock market is expected to remain range-bound with a cautiously positive bias in the coming week, as analysts see key resistance levels for the benchmark indices while maintaining that the broader market trend remains intact despite recent volatility.
According to market experts, the Sensex is likely to encounter immediate resistance in the 77,800-78,000 zone, while the Nifty faces a crucial hurdle between 24,400 and 24,600.
A decisive breakout above these levels could strengthen bullish momentum and trigger further gains.
The Indian stock market ended the previous week marginally lower, snapping a four-week winning streak as renewed geopolitical tensions in West Asia and a sharp spike in crude oil prices dented investor sentiment.
The week had begun on a positive note, aided by softer crude prices, encouraging first-quarter business updates, steady monsoon progress and broad-based buying across sectors. However, markets witnessed a sharp sell-off in the middle of the week after escalating Iran-US tensions rattled global investors.
Market experts said the Sensex witnessed steady buying interest and remained resilient after reclaiming key short-term levels.
“The 77,800-78,000 zone is expected to act as immediate resistance. A sustained move above this range could reinforce bullish momentum and push the index towards the 78,400-78,600 levels,” a market expert stated.
“On the downside, immediate support is seen in the 77,300-77,200 zone, followed by the psychologically important 77,000 mark,” as per the market expert.
Holding above these levels would help preserve the ongoing recovery structure, while a decisive break below 77,000 could trigger fresh profit booking and drag the index towards the 76,700-76,500 range, the expert mentioned.
Market experts said the Nifty experienced heightened volatility during the week but recovered from lower levels.
“Immediate support for the Nifty is placed in the 23,800-24,000 zone, with a stronger support base around 23,650. On the upside, the 24,400-24,600 range remains the immediate resistance, and a decisive breakout above this zone could pave the way for the index to move towards the 25,000 mark,” a market expert noted.
(IANS)
