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Below the Quote on Sensex by Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited

"Sensex closed at 74,902.59, up by 138.36 points (+0.19%), recovering sharply from the day’s low of 74,598.47 during the Closing Auction Session (CAS). The index opened at 74,742.54 and touched an intraday high of 74,910.96. Investor sentiment remained cautious amid weak global cues and continued selling by foreign investors, while markets also remained focused on upcoming US inflation data and global interest-rate expectations.

On the daily chart, the Sensex remains below the 50-Day EMA at around 76,953 and the 200-Day EMA near 78,274, keeping the broader trend weak. RSI has slipped further to around 30.21, indicating persistent bearish momentum and near-oversold conditions. Immediate support is placed at 74,400–74,600, while resistance is seen at 75,200–75,500.

Sector-wise, Banking & Financial Services, Private Banks, Top 10 Banks, PSU Banks and Oil & Gas remained relatively stronger. On the other hand, Capital Goods, Telecom, Metal, Auto, Healthcare, FMCG and Industrials remained under pressure.

The index managed to close higher on the back of a sharp recovery during the Closing Auction Session (CAS), although the broader technical setup remains under pressure. The RSI near 30 points to stretched selling conditions and leaves room for a short-term rebound. However, the late recovery needs follow-through buying to gain credibility. Overall, the near-term outlook remains cautious, with the broader trend still weak and a technical bounce possible."

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