Nifty Faces Hurdle At 24,600, Sensex Eyes Resistance Near 78,800
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…
Indian equity markets are poised for caution in the upcoming week, with technical analysis pointing to potential challenges for the Nifty and the Sensex. The Nifty concluded the previous week at 24,366, down 0.83%, while the Sensex ended at 78,009.25, marking a 0.62% decline over the week. Both indices are now facing significant hurdles and resistance levels.
For the Nifty, the 24,600-24,650 zone is expected to serve as an important resistance area. A successful close above 24,600 could boost optimism and pave the way for a rise towards 24,800-25,000. However, a decisive break below 24,350 could trigger additional profit-taking, with the next support level around 24,200. Further declines might push the index towards the 23,800-24,000 range.
Similarly, the Sensex is grappling with a resistance band between 78,500 and 78,800. If the index fails to hold this range, it could slide towards 77,000. Conversely, a successful reclamation of this range would strengthen the Sensex's technical structure and reignite the recovery witnessed earlier in August.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
