Markets Post Third Consecutive Gain, Analysts Warn of Resistance at Critical Level

Indian Equity Indices Post Third Straight Day of Gains

Market Summary

On Wednesday, Sensex and Nifty benchmark equity indices settled approximately 1 percent higher, marking their third consecutive day of gains. The upward trend was supported by a marginal decline in crude oil prices and positive global cues. Additionally, buying in IT shares contributed to the upward momentum.

Index Performance

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• Sensex rose 633.29 points or 0.83% to settle at 76,704.13. The index climbed 929.38 points or 1.22% to 77,000.22 during the session.
• NSE Nifty advanced 196.65 points or 0.83% to close at 23,777.80, with a gain of nearly 3.6% over the last three sessions.

Market Analysis

Market participants noted that the 23,850–24,000 range continues to act as a key resistance zone for the Nifty. Analysts attributed the index's inability to sustain above 23,850 to strong resistance driven by profit booking and supply at higher levels.

Resistance and Support Levels

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• 23,850–24,000 zone remains a strong resistance band, with heavy call writing limiting further upside.
• Immediate support is placed in the 23,400–23,300 zone, followed by the crucial 23,000 level.
• Resistance is seen at 23,750–23,800. A sustained move above 23,800 could lead to further gains towards 23,950 and 24,250.

Market Outlook

Despite the recent rebound, both Sensex and Nifty remain up to 5% lower for the month amid volatility linked to a rise in crude oil prices following the U.S.-Israeli conflict involving Iran.