Friday, Mumbai witnessed a recovery in benchmark indices Sensex and Nifty following a sharp sell-off in the previous session, though analysts advised caution on the near-term market trend.
The 30-share Sensex climbed 315.20 points, or 0.43 per cent, finishing at 73,895.74. During the day, it recorded an intra-day high of 73,968.05 and a low of 73,477.77, moving nearly 490 points in total. This bounce came after the Sensex had dropped to a low not seen in over three months the day before.
The broader Nifty also saw gains, rising 77.40 points, or 0.34 per cent, to close at 23,140.50. Despite these positive moves, technical analysts noted the market shows a cautious tone, with key support and resistance levels likely to shape the next direction.
Experts pointed out that the Sensex’s outlook remains sideways to bearish, emphasizing the 73,200-73,450 range as a critical support zone.
Market watchers explained, “The Sensex continues to maintain a sideways-to-bearish outlook, with 73,200–73,450 acting as the crucial support zone. Sustained buying above 74,000 could strengthen the recovery and open the way towards 74,200–74,500, while a break below the support band may revive selling pressure.”
They further advised traders to closely observe the 73,500–74,000 zone along with open interest changes to confirm the market’s next move.
the Nifty, analysts remarked that though it managed a modest recovery after Thursday’s decline, its short-term technical condition remains weak.
Technically, the Nifty’s weekly structure is gradually deteriorating, with a recent fall below the 23,070 support level undermining the near-term setup.
On resistance, the immediate levels are at 23,400 and 23,600, where sustained gains could offer relief and help stabilise the index, according to market watchers.
On the downside, support lies near 23,000 and 22,800. Analysts cautioned that a decisive break below this range could further weaken the structure, creating room for more declines.