3 technical analysts map the road ahead for markets; check key levels here

At last check, the BSE Sensex index was up 800 points, or 1.05 per cent, to trade at 77,435. The Nifty 50 index gained over 230 points, or 1.01 per cent, to quote at 24,014.

Indian equity benchmark indices Sensex and Nifty 50 rebounded on Friday, driven by a rally in bank stocks and a positive trend in global markets. As of 10:15 AM, the BSE Sensex index was up 800 points, or 1.05 per cent, to trade at 77,435. The Nifty 50 index, on the other hand, gained over 230 points, or 1.01 per cent, to quote at 24,014.

 

Among sectors, banking and financial services stocks were leading the gains. The Nifty Bank index was up 2 per cent, followed by Nifty Financial Services (up 1.9 per cent). The Nifty Realty and Auto also gained around 2 per cent each. However, Nifty IT was the top laggard as it fell 2.5 per cent following the announcement of TCS Q4FY26 results.

 

 

In the broader market, the Nifty Midcap 100 and Nifty Smallcap 100 indices also participated in the rally, up 0.8 per cent and 1.5 per cent, respectively. India VIX, the fear gauge index, fell 7 per cent to 19. 

 

Sensex, Nifty: Key levels to watch 

 

Shrikant Chouhan, head equity research, Kotak Securities

 

The short-term texture of the market is still positive. For day traders, 23,700 - 23,600/76500-76200 would act as key support zones in Nifty and Sensex, respectively. If the market succeeds in trading above these levels, it could retest the levels of 24,000/77500-24,300/78400. On the flip side, below 23,500/75900, the uptrend would become vulnerable. Below this, it could slip to 23,300-23,200/75300-75000.

 

Anand James, chief market strategist, Geojit Investments

 

While the dip to 23,693 evolved on anticipated lines yesterday, the swing higher thereafter was timed out. The 23,822-23,930 region appears as a significant challenge, and a break of this is required to signal strength that can carry Nifty all the way to 24,400, our target pencilled in at the start of the week. Inability to clear 23,930 could trigger a gap filling drop to 23,465. 

 

Devarsh Vakil, head of prime research, HDFC Securities

 

Nifty surrendered some gains yesterday amid dented hopes for a ceasefire in the US-Iran conflict and fresh inflationary worries. Nifty has immediate support around 23,500, while immediate resistance is placed at 24,000 and 24,200 on any rebound attempt.    =================== 

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