Sensex can bounce back to 76,200, Nifty needs to overcome 22,660: charts

Stock market outlook for the week March 10 - 14, 2025: Here are the key support and resistance levels on the BSE Sensex and NSE Nifty for the week ahead.

The Indian equity market snapped its three-week losing streak last week led by gains in metal and energy shares.  The Bombay Stock Exchange (BSE) benchmark, the Sensex from a low of 72,634, surged to a high of 74,586 - up over 1,952 points in intra-week deals, before signing-off at 74,333 - up 1.6 per cent or 1,135 points.  The National Stock Exchange (NSE) Nifty 50 index dropped below the 22,000-mark, and hit a low at 21,965 - its lowest point in the last 9 months. The Nifty eventually ended 1.9 per cent or 428 points higher at 22.553. In the process, the Nifty snapped its three-week losing streak, wherein the index had shed 6.5 per cent or 1.435 points.    Among the Nifty 50 pack, Bharat Electronics (BEL), Tata Steel and BPCL were the top gainers - up over 10 per cent each. Hindalco, Adani Enterprises, Adani Ports, Eicher Motors, SBI, JSW Steel, NTPC, Mahindra & Mahindra and Power Grid Corporation were the other major movers.  On the flip side, IndusInd Bank shed 5 per cent. Bajaj Auto, HDFC Bank, Maruti Suzuki, Bajaj Finance and Bajaj Finserv were the other notable losers.    Technical Outlook for the week ahead:  BSE Sensex 30 index  Last close: 74,333  Support: 73,870; 73,600; 73,200  Resistance: 75,070; 75,150; 75,550  The overall outlook indicates that the Sensex is likely to consolidate in the broad range of 72,000 - 76,300 levels in the near-term. For now, the bias seems in favour of buy on dips, with near support for the Sensex expected around 73,870, 73,600 and 73,200 levels.  On the upside, sustained trade above 74,500 levels should strengthen the recovery process for the BSE benchmark. In the week ahead, resistance for the Sensex can be expected around 75,070, 75,300 and 75,550 levels.  NSE Nifty 50 index  Last close: 22,553  Support: 22,000; 21,950; 21,850  Resistance: 22,662; 22,748; 23,151  The NSE Nifty 50 index seems to have bounced back after testing support at its 100-WMA (Weekly Moving Average), which stands at 21,900. On the daily scale, the Nifty is now seen testing resistance at the super tend line at 22,662. The Nifty needs to overcome this hurdle for an extended pullback.  In the previous pullback instances, since the fall started from the September 2024 peak; the Nifty has bounced back up to the 100-DMA at best, else reversed after testing the 20- or 50-DMA hurdles. For now, the 20-DMA resistance stands at 22,748, while the 50- and 100-DMAs stand at 23,150 and 23,687, respectively.  In case, the Nifty fails to clear the near-term hurdles, the index could slip back towards 22,000-mark; with interim support anticipated around 22,335 and 22,120 levels.