Sensex, Nifty may consolidate as recovery pauses; key levels this week

The key support for the BSE Sensex stands at 76,300; whereas, the NSE Nifty 50 index could test 23,300 or dip to 23,150 levels; suggests technical chart.

Equity benchmark indices - the BSE Sensex and the NSE Nifty - have gained around 2 per cent each in the last two weeks. The recovery from the January lows is around 4 per cent on these indices. However, unpredictable global markets on the back of Trump's tariff threats seem to be weighing on the investor sentiment.  Last week, the BSE Sensex hit a high of 78,735, and eventually ended with a gain of 354 points at 77,860. The NSE Nifty 50 index tested its interim hurdle around the 23,800 levels, and finally settled at 23,560.  Going ahead, this week the benchmark indices could consolidate before making a fresh attempt to extend the pullback rally. Here are the key levels to watch out for.  BSE Sensex  Current Level: 77,860  Upside Potential: 1.9%  Downside Risk: 2%  Support: 77,500; 77,100; 76,950; 75,635  Resistance: 78,330; 78,630; 78,850; 79,085  The near-term bias for BSE Sensex is likely to remain positive as long as the index quotes above 77,500 levels; below which the benchmark index could seek support around 77,100, 76,850 and 76,635 levels. The key support for the current pullback attempt stands at 76,300 levels.  On the upside, the Sensex has near resistance at 78,330; the index needs to break and trade consistently above 78,630-levels to regain the upside momentum. As such, the Sensex can potentially target 79,350 levels; with intermediate resistance around 78,850 and 79,085 levels.    NSE Nifty 50  Current Level: 23,560  Upside Potential: 2.7%  Downside Risk: 1.7%  Support: 23,300; 23,150  Resistance: 23,755; 24,040  The Nifty is seen facing resistance around its 50-DMA (Daily Moving Average) at 23,755, which also coincides with the 50-WMA (Weekly Moving Average) at 23,770. Key momentum oscillators, barring the weekly MACD (Moving Average Convergence-Divergence) which remains in oversold zone, are showing a mixed bias.  As such, the Nifty 50 index could consolidate in the near-term, and seen support around its 20-DMA, which stands at 23,300 levels; below which the key support for the current pullback rally remains at 23,150.  On the upside, the pullback rally can extend to 24,200 levels; with interim hurdles seen at 23,755 and 24,040 levels. Break and sustained trade above 24,200 shall open the doors for further upside towards 25,150 levels.