Sensex, Nifty climb as bulls stay in control amid near-term profit booking worry
Sensex, Nifty climb as bulls stay in control amid near-term profit booking worry
Markets rise for the third straight session with bullish candles, as traders eye key resistance and support levels for Sensex and Nifty.
Domestic equity benchmarks Sensex and Nifty closed higher for the third straight session, with both indices signaling a continuation of the uptrend. The Sensex finished at 79,273.33, up 753.03 points or 0.96%, while the Nifty settled at 24,576.60, up 211.75 points or 0.87%. Markets formed bullish candles on the daily chart, suggesting there is strength behind the move, though analysts warn that some profit booking could occur at elevated levels given occasional overbought conditions. A key resistance zone around 79,000 on the Sensex and a range of 24,660 to 24,700 on the Nifty are seen as crucial tests for further upside.
ShriKant Chouhan, Head Equity Research at Kotak Securities, notes that the short-term market texture remains bullish and that above 79,000, the Sensex could extend its gains toward 79,800–80,000. However, a break below 79,000 could trigger a quick intraday corrective move toward lower levels. Nagaraj Shetti of another major brokerage points out that the Nifty’s current price action has cleared the resistance of a previous downside gap around 24,400, which is a positive sign. Sudeep Shah of SBI Securities highlights that the 100-day EMA zone in the 24,660–24,700 region will be a crucial hurdle; a sustained move above 24,700 could push the index toward around 24,950. On the downside, a 24,460–24,430 zone is expected to provide immediate support. Bajaj Broking also maintains a positive bias, referencing last week’s gap-up area of 23,850–24,100 as a supportive backdrop for ongoing strength.
In the near term, the weight of global cues and oil prices will influence trader sentiment, but the current trajectory suggests the market remains in an upside phase unless buyers lose steam at the critical resistance levels. Investors are advised to watch how prices behave around the 79,000 level on the Sensex and the 24,700 mark on the Nifty, as these will likely decide whether the rally sustains or a correction begins.
