- The domestic benchmark indices ended lower during the week, snapping a two-week winning streak as concerns over the U.S.-Iran standoff and developments around the Strait of Hormuz triggered profit-booking at elevated levels.
- For the week, the Sensex declined 0.62 per cent to close at 78,009.25, while the Nifty fell 0.83 per cent to end at 24,366.
- Analysts project the Nifty facing resistance around 24,600-24,650 and the Sensex finding immediate support near 77,700-77,500 for the coming week.
- Although first-quarter earnings remained largely resilient and select sectors continued to attract buying interest, broader market momentum remained subdued amid heightened uncertainty. The Nifty remained largely range-bound through most of the week, reflecting a cautious and selective approach among investors.
- Supportive domestic fundamentals were overshadowed by geopolitical concerns and rising crude oil prices, limiting the scope for sustained gains.
Indian equity markets are poised for cautious consolidation next week, with the Nifty facing resistance at 24,600-24,650 and the Sensex finding support at 77,700-77,500. The indices ended lower this week, with the Sensex declining 0.62% to close at 78,009.25 and the Nifty falling 0.83% to 24,366.2345
Analysts noted that the Nifty's weekly candle indicates a corrective move after recent recovery, with a decisive break below 24,350 potentially triggering further profit booking. Immediate support is seen at 24,200, followed by the 23,800-24,000 zone. Conversely, a close above 24,600 could lead to an upmove towards 24,800-25,000.
The Sensex mirrored broader market weakness, slipping towards the psychologically significant 78,000 level. Experts highlighted that immediate support is at 77,700-77,500, with a deeper pullback risking a test of 77,000. Resistance is noted at 78,500-78,800, which the index must reclaim to restore its improving technical structure.
Despite resilient first-quarter earnings and selective sector buying, market momentum remains subdued due to geopolitical concerns and rising crude oil prices, limiting the potential for sustained gains. The Nifty's range-bound performance reflects a cautious investor approach amid these uncertainties.
“The weekly decline was driven by U.S.-Iran tensions and Strait of Hormuz developments, with Sensex closing at 78,009.25 and Nifty at 24,366. A decisive break below 24,350 could trigger further profit booking, while a close above 24,600 may open the 24,800-25,000 zone.”
