Mumbai, May 10 Indian equity benchmarks ended lower on Friday amid rising geopolitical tensions after reported clashes between Iran and the US near the Strait of Hormuz dampened investor sentiment.
Despite the weakness, market experts believe the broader trend for both the Sensex and Nifty remains positive, although volatility could persist in the near term.
The Nifty declined 0.55 per cent to settle at 24,193, while the Sensex fell 0.67 per cent to close at 77,321.
However, both benchmark indices managed to end the week with gains of more than 0.70 per cent despite sharp intra-day swings.
In the broader market, the Nifty Smallcap 100 rose 0.22 per cent, while the Nifty Midcap 100 slipped 0.15 per cent.
According to market experts, the Sensex continues to show strength from a technical perspective despite Friday’s correction.
“In the near term, immediate downside support is placed in the 54,600–54,200 zone in case selling pressure re-emerges,” an analyst stated.
“On the upside, 56,400 acts as immediate resistance, while 56,800 stands as the next key supply zone,” the analyst added.
Traders are advised to remain cautious and follow disciplined risk management while closely tracking key levels for the next directional move, market experts added.
On the Nifty, market experts said the index ended the week at 24,176.15, gaining 178.60 points or 0.74 per cent on a weekly basis.
“On the upside, resistance levels are placed at 24,500 and 24,600. On the downside, support is seen at 24,000 and 23,800. A breakdown below 23,800 could result in increased selling pressure,” an analyst stated.
“Given the current market structure, traders are advised to remain disciplined and adhere to strict stop-loss strategies amid ongoing volatility,” the analyst added.
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