Sensex, Nifty technical outlook: Analysts share key levels to watch

Indian equity benchmark indices, Sensex and Nifty 50, extended their losses on Monday, weighed down by weak global cues, falling rupee, elevated crude oil prices, and persistent foreign fund outflows. As of 10:20 AM, the BSE Sensex index was down 822 points, or 1.09 per cent, to trade at 74,415. The Nifty 50 index, on the other hand, slipped around 256 points, or 1.09 per cent, to quote at 23,387.5.

 

The broader markets also underperformed the benchmark indices. The Nifty Midcap 100 was down 1.4 per cent, and the Nifty Smallcap 100 indices also dropped 2 per cent. India VIX, the fear gauge index, rose 5.52 per cent to 19.82.

 

 

Among sectors, the Nifty Consumer Durables fell around 3.7 per cent each. The Nifty Media, Auto, PSU Bank, Realty, Chemicals, Bank, Financial Services, FMCG, Metal, Oil & Gas, and Cement fell up to 3 per cent each.

Sensex, Nifty: Key levels to watch

Hariprasad K, Sebi-registered research analyst and founder, Livelong Wealth

Sensex underperformed during the last week, declining by nearly 2,090 points (2.70 per cent), highlighting continued weakness in large-cap participation. From a technical standpoint, 75,800 now acts as the immediate resistance and weekly supply level. Further upside resistance is placed near the 76,300–76,400 zone, which continues to act as a strong supply region for the index.

 

On the downside, 75,100 acts as the immediate support, followed by 74,900, which is aligned with a previous demand zone and OI-based support structure. Below this, the 74,000-74,100 range continues to remain the stronger positional support base for the index in the near term.   

Bajaj Broking

Nifty50 in the daily chart has formed a small bear candle with shadows in either direction, signalling consolidation amid stock-specific action. Going ahead, in the coming sessions, failure to move above the breakdown area of 23,800-23,900 will keep the bias corrective and can lead to testing of the support area of 23,300 and 23,000 levels in the coming sessions.

 

Index needs to form a higher high and higher low on a sustained basis in the daily chart and a move above the breakdown area of 23,800 - 23,900 to signal a pause in the downtrend. Nifty has key support at 23,200-23,000, being the confluence of the lower band of the April 8 bullish gap area and the 61.8 per cent retracement of the previous pullback (22,182- 24,601).

Ponmudi R, chief executive officer, Enrich Money

Nifty 50 opened with a gap-down near the 23,490 mark, indicating renewed weakness and a breakdown of the recent recovery structure. Technically, the 23,300-23,200  level now remains a critical immediate support area, and a sustained breakdown below this region could accelerate downside momentum toward the 23,000 level or lower if selling pressure intensifies further. On the upside, the 23,500-23,600 zone is expected to act as an immediate resistance area, which previously served as a key support region and now coincides with the gap zone. 

 

A sustained move back above this range will be essential to stabilise near-term sentiment. Momentum indicators remain subdued, reflecting cautious sentiment and a lack of aggressive buying participation at higher levels. The near-term outlook has turned mildly negative with a cautious undertone.  CHECK Q4 Results Today

Anand James, chief market strategist, Geojit Investments

While we view Friday’s vicious turn-lower with caution, 23,489, the 62 per cent fibo of the recent upmove, may be expected to slow down the slippages and allow a regrouping of bulls. Such a move should reclaim 23,600 on the bounce, to confirm strength. Else, brace for 22800.

 

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