Mumbai, May 24 (IANS) Indian equity benchmark indices ended higher on Friday, with analysts on Sunday said that they are expecting the Nifty to test the crucial 24,000 resistance mark next week, while the Sensex may face hurdles near the 76,000 zone amid persistent global uncertainty and volatile crude oil prices.

Experts said the market is showing signs of gradual recovery, supported by gains in heavyweight banking stocks, although inflation concerns and geopolitical tensions continue to keep investors cautious.

“From a technical perspective, the RSI on the weekly timeframe stands at 42.69, reflecting a gradual recovery in momentum while still remaining in the neutral zone,” an analyst stated.

“Overall, the price action suggests that the index is attempting to stabilize after recent volatility, with buying emerging at lower levels and traders closely monitoring key breakout zones for further directional cues,” as per the analyst.

Technically, analysts see immediate resistance for the Nifty at 23,900 and 24,000 levels.

“On the downside, support is seen at 23,250 and 23,000. A breakdown below the 23,000 mark could trigger fresh selling pressure in the near term,” a market expert mentioned.

On the Sensex outlook, analysts said the index continues to trade with a cautious undertone amid volatile global developments and persistent geopolitical concerns.

“Immediate resistance is placed around the 75,800-76,000 zone, while support is seen near the 74,600-74,400 region,” an analyst stated.

Experts added that a decisive breakout on either side could determine the next major directional move for the broader market in the coming sessions.

“Considering the current market setup, traders are advised to remain disciplined and follow strict stop-loss strategies amid ongoing market volatility,” an analyst mentioned.

Meanwhile, Indian equity benchmark indices ended higher on Friday, supported by strong buying in heavyweight banking stocks such as ICICI Bank, HDFC Bank, and Axis Bank.

However, analysts said the market continued to trade with caution amid rising crude oil prices, inflation concerns, and lingering geopolitical uncertainty.

–IANS

pk