Nifty and Sensex Expected to Remain Range-Bound with Mild Bullish Bias

Mumbai (IANS): India’s benchmark indices, Nifty and Sensex, will likely trade within a specific range in the near term, maintaining a slight bullish undertone despite continued caution in the broader market. Market experts noted on Sunday that while the Nifty shows underlying strength, volatility remains a factor.

Nifty Outlook and Key Levels

The Nifty entered a consolidation phase this week, moving within a narrow range after a modest positive start. Analysts pointed to several technical indicators suggesting potential for a positive trend:

• Technical Strength: The index successfully closed above its 20-day exponential moving average and maintained a position above the crucial 100-week EMA.

• Resistance Levels: Experts place immediate upside resistance at 24,350 and 24,600.

• Support Levels: Key support remains at 23,900 and 23,550, though a drop below 23,500 could trigger increased selling pressure.

Sensex and Bank Nifty Performance

The Sensex continues to trade within a tight range, reflecting a cautious investment environment.

• Sensex Resistance: A move toward the 79,000–80,000 levels requires a sustained break above the 77,500–78,000 resistance band.

• Sensex Support: Immediate support sits between 76,300–76,000, with a stronger base established at 75,600–75,300.

• Bank Nifty Underperformance: The banking index faced selling pressure at higher levels after failing to sustain a weekly high of 56,474.95. It currently faces resistance at 55,550, while the 54,350–53,850 zone provides downside support.

Traders are advised to maintain disciplined stop-loss strategies to manage ongoing market volatility.