Nifty Faces Strong Resistance At 24,500, Sensex May Climb Towards 79,000 If Bullish Momentum Continues

The Indian equity market finished the shortened holiday week higher, maintaining its upward trend.

Key benchmarks advanced in three of the last four sessions, with the Nifty staying well above the pivotal 24,000 mark.

Analysts say the outlook remains upbeat, yet additional investor buying will be required to sustain the rally’s next leg.

Sensex could head toward the 79,000 mark

Market specialists note that the Sensex has bounced back strongly from its recent troughs and retains its strength.

The index is presently encountering resistance between 77,500 and 77,700.

Should the Sensex hold above this zone for a noticeable stretch, experts anticipate the advance to extend toward 78,000 and possibly 79,000.

On the downside, the 77,000‑76,900 band acts as immediate support; staying above it is crucial to preserve the present upward trajectory.

Nifty encounters resistance near 24,500

The Nifty opened the week firmly but experienced some profit‑taking in the early sessions.

It dipped to an intraday low of 23,784.95, then rebounded to finish above the 24,000 threshold.

Analysts identify the near‑term resistance for the Nifty at 24,400 and 24,500.

A decisive break above these thresholds could draw fresh buying and propel the index upward.

Should the market retreat, support is anticipated near 23,900 and 23,800.

Falling crude oil prices provide relief

A major positive driver for the market has been the drop in crude oil prices.

Reduced geopolitical tension in West Asia and the resumption of normal tanker traffic via the Strait of Hormuz have pulled Brent crude back to pre‑conflict levels.

Lower oil prices ease worries about imported inflation, the current account deficit, and rising corporate costs.

This development has lifted overall market sentiment.

Benchmark indices record weekly gains

Over the week, the Sensex rose 0.39 % to settle at 77,100.47.

The Nifty also closed higher, advancing 0.18 % to end at 24,056.

Analysts consider the technical picture still favorable. Should the benchmarks clear their key resistance barriers, further gains could unfold in the upcoming sessions.