Nifty Faces Hurdle At 24,600, Sensex Eyes Resistance Near 78,800
· Free Press Journal
Mumbai: Indian equity markets are expected to remain cautious next week, with technical indicators suggesting that the Nifty could face a major hurdle around 24,600, while the Sensex may encounter resistance between 78,500 and 78,800.
The benchmarks ended the previous week lower, snapping a two-week winning streak as geopolitical concerns and higher crude oil prices prompted investors to book profits.
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Nifty Outlook
The Nifty closed the week at 24,366, down 0.83 per cent. The weekly chart indicated a corrective move after the index’s recent recovery.
According to market experts, the 24,600-24,650 zone is likely to act as an important resistance area.
A decisive close above 24,600 could improve sentiment and open the way for an upward move towards 24,800-25,000.
On the downside, 24,350 will be an important level to watch.
A clear break below this mark could lead to further profit-booking, with the next support around 24,200. A sharper decline could take the index towards the 23,800-24,000 zone.
Sensex Levels
The Sensex also reflected weakness during the week and moved back towards the psychologically important 78,000 mark.
The index finished at 78,009.25, registering a weekly decline of 0.62 per cent.
Experts see immediate support in the 77,700-77,500 range. If this zone fails to hold, the Sensex could move towards 77,000.
On the upside, the 78,500-78,800 band is expected to act as immediate resistance.
IPO Rush Gathers Pace Next Week, Seven Companies Aim To Raise Over ₹6,400 CroreThe index will need to reclaim this range to strengthen its technical structure and revive the recovery seen earlier in August.
Geopolitical Pressure
Indian benchmarks remained largely range-bound during the week as investors adopted a cautious approach.
Concerns surrounding the US-Iran standoff and developments around the Strait of Hormuz overshadowed supportive domestic factors.
Six IPOs Target Nearly ₹5,600 Crore Next Week, Horizon Industrial Parks Leads With ₹2,600 Crore IssueRising crude oil prices also restricted gains, even as first-quarter corporate earnings remained broadly resilient and buying continued in selected sectors.
Broader markets delivered a mixed performance.
The MidCap index gained 0.50 per cent during the week, while the SmallCap index declined 0.66 per cent, highlighting selective investor interest amid continuing global uncertainty.