Indian Equity Benchmarks End Lower for Third Consecutive Week

New Delhi: Indian equity benchmarks Sensex and Nifty ended lower for a third consecutive week, with the near-term technical outlook remaining cautious as both indices face important resistance levels. Global interest-rate concerns, geopolitical uncertainty and volatility linked to the new Closing Auction Session continued to influence market sentiment. Sensex Faces Resistance At 78,000 For the Sensex, the 77,700-78,000 zone is expected to act as immediate resistance. A sustained breakout above 78,000 could strengthen the recovery and potentially push the benchmark towards the 78,500-78,800 zone. On the downside, 77,000 remains an important psychological support level. Below this, the next support zone is placed around 76,700-76,500. Holding above 77,000 will be crucial for preserving the broader recovery structure. A decisive break below this level could invite fresh selling pressure and weaken the technical setup. Nifty Eyes 24,400 Breakout For the Nifty, the 24,000-23,800 zone remains an important near-term support area. On the upside, the 24,300-24,400 range is the immediate resistance zone. A sustained breakout above 24,400 could improve momentum and open the way for a recovery towards 24,600. Until the index crosses this hurdle decisively, the near-term trend is likely to remain cautious and range-bound. Friday Rebound Offers Support The benchmark indices staged a sharp recovery on Friday, helped by strong buying in IT shares, positive global technology cues and softer crude oil prices. The Sensex gained 331 points, or 0.43 per cent, to close at 77,264.51. The Nifty advanced 85 points, or 0.35 per cent, to settle at 24,175.65. Despite the rebound, the Sensex declined nearly 0.36 per cent during the week, while the Nifty slipped around 0.31 per cent. Broader markets performed better. The Midcap and Smallcap indices gained around 0.52 per cent and 0.51 per cent, respectively. The Sensex remains within a broader consolidation structure following its recent correction. A decisive move above key resistance levels will be required to strengthen the recovery and improve the near-term technical outlook.