Quote Sensex by Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited
Below the Quote Sensex by Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited
"Sensex witnessed a volatile session today, closing at 74,781.76, down 120.83 points (-0.16%). The index opened at 74,309.16 and initially moved lower to an intraday low of 74,160.16, before recovering sharply to an intraday high of 74,917.15. The strong recovery from lower levels and close near the upper end of the day’s range indicates buying interest at lower levels, although the benchmark still ended marginally in the red.
According to price-action perspective, the Sensex recovered strongly after testing the 74,160 zone and broke the 74,500 mark during the session, improving the short-term structure. The immediate support is placed at 74,000–74,160, while 75,000–75,200 remains the key resistance zone. The broader trading range is likely to remain between 74,000 and 75,200, with the index maintaining a sideways bias unless it manages to break either side of this range convincingly.
Sector-wise, the session remained mixed, with BSE Private Banks, Information Technology and Bankex emerging among the key gainers. On the other hand, BSE Metal, Auto, Oil & Gas and Capital Goods were among the major lagging sectors. The relative strength in banking and technology helped limit the downside in the benchmark, while weakness across metal, auto, energy and capital-goods segments kept the overall market tone subdued.
Technically, the Sensex opened with a 593-point gap-down and recovered sharply from the lower levels, forming a strong green candle. The first half of the session progressed gradually higher, while the second half witnessed a strong upside move, with the index breaking above the 74,500 level and sustaining its recovery toward the day’s high. Momentum indicators remain weak, with RSI at 29.44 versus its RSI-based moving average of 39.43, placing the indicator in oversold territory. PCR at 0.94 suggests a relatively balanced derivatives setup. Overall, the technical structure has improved following the sharp recovery, although a sustained move above 75,000–75,200 would be required for a stronger bullish confirmation.
Looking ahead, the broader outlook for the Sensex remains sideways, with the index likely to consolidate within the 74,000–75,200 range in the near term. Holding the 74,000–74,160 support zone could keep the recovery attempt intact and allow the index to retest 75,000–75,200. A decisive breakout above the resistance zone would strengthen the outlook and open the door for further upside, while a break below 74,000 could bring renewed selling pressure. For now, the market remains cautious but shows signs of resilience after the sharp recovery from lower levels."
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