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Indian equity markets continue to show signs of underlying strength, with technical analysts maintaining a positive outlook for the near term.
A strong move beyond the current resistance levels could take the Sensex towards 79,300–79,700, while the Nifty could advance towards 25,200.
The Sensex retained its upward technical structure and ended the week above the 78,000 level.
Market participants will closely track the 78,800–79,000 range, which currently represents an important hurdle for the index.
Analysts have placed immediate support for the Sensex around 77,300–77,200.
The 77,000 mark also remains an important psychological level, with a sustained hold above this zone likely to support the index’s improving structure.
A clear fall below 77,000, however, could increase selling activity and lead to renewed profit booking.
Analysts said sustained buying at higher levels will remain essential for the Sensex to establish its next leg of gains.
The Nifty continued to preserve its broader bullish formation despite sharp movements and bouts of profit booking throughout the week.
Technical indicators suggest that the index remains comfortably positioned above its major weekly exponential moving averages, supporting the longer-term positive trend.
Analysts identified 24,900–25,000 as the immediate resistance band for the Nifty.
On the downside, the 24,100–24,200 region is expected to provide key support. A convincing move above 25,000 could pave the way for a rise towards 25,200.
Indian shares closed the week with modest gains. Investors assessed several factors, including the rollout of the new Closing Auction Session framework for F&O stocks. They also weighed the Reserve Bank of India’s latest monetary policy decision and continuing geopolitical uncertainties.
The Sensex advanced 0.52 per cent over the week and ended at 78,499.17. The Nifty recorded a weekly rise of 0.77 per cent, finishing at 24,570.65.
The broader market delivered stronger gains than the benchmark indices.
The midcap index climbed 0.81 per cent, while the smallcap index surged 2.61 per cent, pointing to continued interest in individual stocks across the market.
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