Mumbai
Indian equity markets are expected to remain range-bound in the coming week as mixed technical indicators and uncertain global cues keep investors cautious despite supportive domestic policy measures.
Market experts believe benchmark indices Sensex and Nifty are currently trading in a consolidation phase, with technical indicators suggesting limited upside unless key resistance levels are decisively breached. While domestic fundamentals continue to provide support, weakening momentum signals indicate that traders may adopt a wait-and-watch approach.
For the Nifty, analysts noted that the overall technical outlook remains cautious. The Relative Strength Index (RSI) on the weekly chart is hovering around 39.64, reflecting weakening momentum and placing the index in a neutral-to-bearish zone. This suggests that buying interest remains subdued and sustained upward movement may require stronger triggers.
On the upside, immediate resistance for Nifty is seen at 23,900, followed by a stronger hurdle near 24,100. On the downside, support levels are placed at 23,200 and 23,000. Analysts warn that a decisive break below the 23,000 mark could intensify selling pressure and lead to further downside in the near term.
The Sensex is also displaying a cautious technical structure. Experts identified the 74,600–74,800 range as immediate resistance, while the broader 75,500–75,800 zone remains a significant barrier for the index. A sustained move above these levels would be necessary to improve market sentiment and revive bullish momentum.
Meanwhile, Bank Nifty has shown some resilience by holding above the crucial 53,000 level, resulting in a rebound that has improved short-term sentiment. However, the index continues to trade below key medium-term averages, indicating that caution remains warranted.
Analysts said Bank Nifty’s weekly RSI has improved to around 44, signalling gradual strengthening in momentum. Immediate support lies between 53,900 and 53,000, while resistance levels are placed at 55,000 and 55,800. A breakout above these levels could strengthen recovery prospects in the weeks ahead.
BOX
- Markets likely to remain range-bound.
- Nifty momentum indicators remain weak.
- Sensex faces key resistance hurdles.
- Bank Nifty shows recovery signs.
- Global cues keep investors cautious.