Ganesh Chaturthi Market Holiday: Sensex To Consolidate Between 74,000 And 75,200, Nifty Faces 23,500 Resistance

The Sensex is likely to consolidate between 74,000 and 75,200 in the near term, while the Nifty faces immediate resistance at 23,500, analysts said as Indian equities enter a holiday-shortened week after five consecutive weeks of losses.

The Indian stock market will remain closed on Monday, September 14, for Ganesh Chaturthi, with trading resuming on Tuesday.

Benchmark indices ended last week under pressure from elevated crude oil prices, rising global bond yields and persistent concerns over US inflation.

Analysts expect the Sensex to maintain a sideways trend, with the 74,000–74,160 zone acting as key support.

Holding this range could sustain the recovery and help the index retest 75,000–75,200.

A decisive move above 75,200 could strengthen the recovery, while a break below 74,000 may trigger renewed selling pressure.

Experts said the market remains cautious but has shown resilience after recovering sharply from lower levels.

For the Nifty, a sustained move above 23,500 could trigger a recovery towards 23,650. Failure to reclaim this level could, however, keep the index in the 23,230–23,500 range.

Analysts warned that a fall below last week’s low of 23,231 could extend the downside towards the short-term support near 23,070, around the June low.

The Sensex fell 2.27 per cent last week to 74,781.76, while the Nifty declined 2.09 per cent to 23,398.10. The Nifty Midcap index dropped 1.40 per cent, and the Smallcap index fell 0.88 per cent.

On Friday, domestic equities recovered sharply from their intraday lows as crude oil prices eased after their recent rally. Buying in oil-sensitive stocks and value buying in oversold markets supported the recovery.

The Nifty recovered 0.72 per cent from its intraday low before closing 0.34 per cent lower at 23,398.10. The Sensex recovered strongly but ended 0.16 per cent down at around 74,780.

Analysts said the current downtrend would show signs of easing only after the market forms sustained higher highs and higher lows on the daily chart.

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