The BSE Sensex and the NSE Nifty ended over a per cent lower last week following a sharp sell-off in the last two trading sessions. The Sensex almost 1,400 points in the last two days, while the Nifty cracked over 400 points as nervousness gripped the equity market owing to the Israel-Iran conflict.
Prior to the weakness, the Sensex, Nifty were seen displaying strength, and registered fresh calendar year highs at 82,783.51 and 25,222.40, respectively.
The current dip might have sparked some fears, but technical charts indicate that both - the BSE Sensex and NSE Nifty may see limited downside for now.
Here are the key levels to track on the benchmark indices this week.
BSE Sensex
Last close: 81,119
Support: 80,550; 80,200; 79,900; 79,600
Resistance: 81,700; 82,050; 82,330; 82,620
Technical chart suggests that the overall bias for the BSE benchmark - Sensex is likely to remain positive as long as the index sustains above 79,150 levels. In a way, this implies that the Sensex faces a potential 2,000 points downside risk.
In the week ahead, the Sensex is likely to seek support around 80,550 - 80,200 levels; below which support for the BSE benchmark is seen around 79,900 and 79,600 levels.
On the upside, a near hurdle for the Sensex exists at 81,700 levels; above which the index may face resistance around 82,050 - 82,330 - 82,620 levels.
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NSE Nifty
Last close: 24,719
Support: 24,512; 24,300; 24,082
Resistance: 24,832; 25,000; 25,170
The NSE Nifty 50 index has slipped below its short-term - the 20-Day Moving Average (20-DMA) amid negative crossovers in select key momentum oscillators such as the 14-day Relative Strength Index (RSI), the Moving Average Convergence-Divergence (MACD) and the Average Directional Index (ADX) on the daily chart. These momentum oscillators, however, continue to remain favourably placed on the weekly scale.
The Nifty chart suggests that the near-term bias is likely to remain positive as long as the index holds above 24,512; below which support for the index can be anticipated around 24,300 and 24,082 levels.
On the upside, the NSE benchmark may face near resistance around 24,830 levels; above which the index can spurt towards the 25,000-mark. The Nifty will need to break and trade consistently above 25,170 for a fresh up move to start.
 "Sensex")
