Analysts claim: Breakout could trigger a surge in Sensex; Nifty eyed at 24,500

Mumbai: In the coming week, the Indian stock market is expected to focus on key technical levels. Analysts suggest that the Sensex may face immediate resistance in the 78,400–78,600 range, while the Nifty needs to decisively clear the 24,400–24,500 zone to sustain its recent recovery.
Last week, Indian stock markets closed on a strong note, extending their recovery despite persisting geopolitical tensions, high crude oil prices, and uncertainty regarding the global interest rate outlook.
Benchmark indices recorded healthy weekly gains; the Nifty rose by approximately 0.53 percent to close at 24,334.30, while the Sensex climbed about 0.75 percent to end at 78,151.45. However, some profit-booking was observed in the broader market following the recent rally, causing both midcap and smallcap indices to close with marginal losses at the end of the week.
According to analysts, the Sensex has demonstrated strength after reclaiming key short-term levels, with sustained buying witnessed during the final trading session of the week. They noted that the 78,400–78,600 zone could act as an immediate resistance area.
Analysts stated, “Sustaining above this range could strengthen the bullish sentiment and pave the way for a rally towards the 79,000–79,200 levels.”
Market experts added, “On the downside, the 77,600–77,300 zone is expected to provide immediate support to the index, followed by the psychologically significant 77,000 mark.” The analyst further stated that sustaining above these levels would maintain the recovery trend, whereas a decisive break below 77,000 could trigger fresh profit-booking, potentially pushing the index towards the 76,700–76,500 range. Regarding the Nifty, analysts note that the index has once again approached the crucial resistance zone of 24,400–24,500. This zone aligns with a major horizontal supply area and the 100-week moving average situated around 24,490.
A market expert remarked, “On the upside, immediate resistance levels are at 24,700 and 24,800. On the downside, immediate support lies at 24,000 and 23,800.”