Sensex, Nifty likely to range-bound, technical indicators signal cautious bias: Experts
Mumbai, June 7 (IANS) Indian equity markets are expected to remain range-bound in the coming week, with experts pointing to a mixed technical setup for benchmark indices Sensex and Nifty, even as domestic policy support offers some cushion against weak global cues.
According to market experts, the overall outlook for Nifty remains cautious, with momentum indicators showing weakening strength.
“From a technical perspective, the RSI on the weekly timeframe is placed near 39.64, indicating weakening momentum and suggesting that the index remains in a neutral-to-bearish zone,” an analyst stated.
“On the upside, immediate resistance levels are placed at 23,900 and 24,100. On the downside, support is seen at 23,200 and 23,000. A decisive breakdown below the 23,000 mark could accelerate selling pressure and open the door for further weakness,” the market expert mentioned.
On the Sensex front, experts said Sensex is also showing a cautious technical setup.
“Immediate resistance is placed near the 74,600–74,800 zone, while the broader 75,500–75,800 region continues to act as a major resistance band. A sustained move above these levels will be required to improve sentiment and revive bullish momentum,” the market mentioned.
For Nifty Bank, analysts said the index has managed to defend the crucial 53,000 level, leading to a rebound that indicates some improvement in sentiment.
However, it continues to trade below its key medium-term averages, suggesting that the broader trend remains cautious.
Experts added that the weekly RSI for Bank Nifty has started to edge higher to around 44, indicating gradual improvement in momentum, though it remains below the neutral mark of 50.
“Immediate support is placed in the 53,900–53,000 zone, while resistance is seen at 55,000 and 55,800. A decisive breakout above resistance levels could strengthen the recovery momentum in the coming weeks,” an analyst noted.
–IANS
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