Mumbai, July 26 (IANS) The benchmark equity indices are likely to remain under pressure in the coming week, with the Sensex facing immediate resistance around the 76,300 level and the Nifty expected to find crucial support near 23,600 after both indices extended losses in a volatile trading week marked by rising crude oil prices, geopolitical tensions and weak banking stocks, analysts said on Sunday.
According to experts, the Sensex surrendered the gains made in the previous week and slipped below the psychologically important 77,000 mark as geopolitical concerns and earnings-related pressures weighed on investor confidence.
“From a technical perspective, the 76,300 zone now acts as immediate resistance. On the downside, the 75,800–75,700 zone is likely to offer immediate support; a break below could open the door towards 75,500–75,400,” a market expert mentioned.
For the Nifty, analysts said the index slipped below the lower end of its month-long consolidation band of 23,800-24,400 and tested support near the rising trendline around the 23,600 level before ending the week at 23,767.45.
“A decisive breach below the 23,600 support zone could accelerate the correction towards the previous swing low of 23,100. On the upside, the 24,000–24,100 region is expected to act as the first resistance, followed by a stronger hurdle around the 24,400 mark,” a market expert mentioned.
Meanwhile, in the previous week, the Indian stock market witnessed heightened volatility as investors turned cautious amid a spike in global crude oil prices and renewed geopolitical uncertainties.
Mixed first-quarter earnings from banking companies further weighed on sentiment, while a weakening rupee and a broader risk-off mood restricted buying despite resilient domestic macroeconomic indicators and stock-specific opportunities emerging during the ongoing earnings season.
The Sensex fell 2.68 per cent over the week to settle at 76,059.77, while the Nifty declined 2.33 per cent to close at 23,767.45.
–IANS
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