Market crash unlikely: Limited downside for Sensex from current levels

Bias for Sensex this week to remain positive as long as the index holds above 81,500 levels, suggests technical chart.

The strong finish by equity markets on Friday shall be tested this week in the aftermath of the US strike on Iran's nuclear facilities. Analysts fear that the Israel-Iran conflict could widen further, with the US direct entry.  Crude Oil price movement in the near-term is likely to be closely tracked after Iran's Parliament approved the closure of the Strait of Hormuz port. As per reports, the final decision shall be taken by Iran's Supreme National Security Council.  Back home, following the over 1 per cent rally last Friday technical charts of the BSE Sensex and the NSE Nifty have witnessed key positive developments. Thus, the near-term support levels on these benchmark indices are likely to be in focus going ahead.  READ STOCK MARKET LATEST UPDATES TODAY LIVE  Here's a weekly outlook on the Sensex, Nifty: 

BSE Sensex

Last close: 82,408  Support: 82,060; 81,840; 81,680  Resistance: 82,750; 82,075; 83,150  Following the near 2,000-point rally last week, the BSE Sensex has now reached within striking distance of the anticipated higher-end of the short-term trading range; which indicates resistance around 82,900 levels. The Sensex needs to break and trade consistently above the same for a potential rally towards 84,240 levels.  On the flip side, the bullish pivot for the Sensex i.e. the 79,150 - now implies into a potential downside risk of 4.5 per cent or 3,260 points. Having said that, the Sensex is likely to seek intermediate support around 81,450 and 80,600 levels.  In the week ahead, the Sensex may gyrate in the range of 81,500 - 83,325; with interim support is likely to around 82,060, 81,840 and 81,680 levels. Resistance on the upside can be anticipated around 82,750, 82,975 and 83,150 levels.  ALSO READ | US bombs Iran nuclear facilities: Impact on stocks, bonds, oil decoded here 

NSE Nifty

Last close: 25,112  Support: 24,865; 24,512; 24,472  Resistance: 25,200; 25,320; 25,550; 25,850  The NSE Nifty 50 index bounced back after testing support at the super trend line on the daily scale last week. The short-term bias for the NSE benchmark index is likely to remain positive as long as the index holds above 24,512 on a daily closing basis.  Near support for the Nifty now exists at 24,865 levels, wherein stands the 20-Day Moving Average (20-DMA). The 50-DMA coincides hovers marginally below the super trend line support at 24,472 levels. These are likely to act as notable support for the index going ahead.  On the upside, 25,200 remains a key roadblock. The Nifty needs to break this hurdle convincingly to open the doors for a likely rally towards 25,900 levels; with intermediate resistance around 25,320, 25,550 and 25,850 levels.