Can Sensex, Nifty breakout this week? Check support, upside target levels

Indian benchmark stock indices, the Sensex and the Nifty have been consolidating for the last seven weeks; Will the RBI jumbo rate cut trigger an upside breakout? Here's what the charts say.

Equity benchmark indices - the Bombay Stock Exchange (BSE) Sensex and the National Stock Exchange (NSE) Nifty 50 index witnessed a consolidation in the last seven trading weeks.  On Friday, the market ended on a firm note after the Reserve Bank of India (RBI) announced a higher-than-expected interest rate cut of 50 basis points (bps), and a surprise 100 reduction in the Cash Reserve Ratio (CRR) in a phased manner. Is this news good enough to trigger a breakout on the upside for the benchmark indices? Here's what the Sensex and Nifty charts indicate.  Catch Stock Market Updates Today LIVE 

  BSE Sensex

Last close: 82,189  Support: 81,780; 81,530; 81,330; 81,125  Resistance: 82,600; 82,850; 83,050; 83,250  The BSE benchmark index has been consolidating with a positive bias, post the upside breakout in the month of May.  The monthly Fibonacci chart shows, that the Sensex seemed to have taken support around the monthly S-1 (Support 1), which stands at 80,565, and then bounced back. As per the monthly Fibonacci chart, the BSE Sensex can potentially rally to 83,770 levels this June; with intermediate resistance likely around 82,885 and 83,330 levels. On the upside, the Sensex can potentially target 84,240 levels, shows the medium-term chart.  ALSO READ | RBI cuts repo, CRR: 5 rate sensitive stocks to buy with up to 26% upside  In the week ahead, the Sensex may face resistance around 82,600, 82,850, 83,050 and 83,250 levels; whereas, support for the BSE benchmark, in case of a dip, can be anticipated around 81,780, 81,530, 81,330 and 81,125 levels. 

NSE Nifty

Last close: 25,003  Support: 24,800  Resistance: 25,320; 25,550; 25,850  The NSE Nifty 50 index has been consolidating in the 24,000 - 25,100 range in the last seven weeks. At present, the index is closer to the higher-end of the present trading range. Technical chart shows, break and sustained trade above 25,100 can trigger fresh upside momentum for the NSE benchmark.  As such, the Nifty can potentially attempt a rally towards 25,900 levels in the coming weeks. Interim resistance for the index can be anticipated around 25,320, 25,550 and 25,850 levels.  The short-term bias for the Nifty is likely to remain favourable as long as the index sustains above its 20-Day Moving Average (20-DMA), which stands at 24,800 levels.