Sensex, Nifty favourably placed; these levels may shape market this week

Stock market weekly outlook: Technical charts indicate that the bias for the Sensex and Nifty is likely to remain positive as long as the indices sustain above 80,250 and 24,380, respectively.

Even as the BSE Sensex ended roughly 600 points lower last week, the recovery from mid-week lows and a strong finish on Friday has led to an advantageous position to the bulls versus the bears.  The Sensex hit an intra-week low at 80,490 levels, and eventually ended the week at 80,721. Similarly, the NSE Nifty 50 index bounced back after testing support around its 20-Day Moving Average (20-DMA).  Going ahead, the near-term bias for Sensex is likely to remain positive as long as the BSE benchmark index sustains above 80,250 levels, and the Nifty above its 20-DMA, which stands around 24,550 levels.  READ STOCK MARKET LATEST UPDATES TODAY LIVE  Here's a detailed technical outlook on the BSE Sensex and the NSE Nifty for the week ahead. 

Sensex

  Last close: 81,721  Support: 80,980; 80,750; 80,500  Resistance: 82,460; 82,690; 82,900  In the week ahead, the BSE Sensex could gyrate in the range of 80,500 - 82,900 levels. Chart shows presence of support around 81,265, 80,980 and 80,750 levels. On the other hand, the BSE benchmark index could face interim resistance around 81,960, 82,460 and 82,690 levels.  ALSO READ | How much upside can ITC stock see post Q4 results? Find out here  The overall bias is expected to remain positive as long as the Sensex holds above 80,250 levels; below which the index can potentially slide to 79,200 levels. Whereas, a breakout on the higher-side of the anticipated trading range, can lead the Sensex towards 83,770 and 84,240 levels in the coming trading sessions. 

Nifty 50 index

  Last close: 24,853  Support: 24,550; 24,380  Resistance: 25,000; 25,200; 25,350; 25,800  Technical chart shows that apart from the 20-DMA support around 24,550, a strong support for the Nifty stands at 24,380 levels. Thus, the short-term bias for the NSE benchmark index is expected to remain favourable as long as the index holds above this support zone.  ALSO READ | JP Morgan turns bullish on emerging markets; India among top picks  On the upside, the Nifty needs to break and trade consistently above the 25,000-mark for further gains to emerge. The NSE Nifty 50 index can potentially rally to 25,900 levels, with interim resistance likely around 25,200, 25,350 and 25,800 levels, shows the chart.