These levels suggest that if the Sensex declines below the immediate support at 78,018, it may find the next support at 77,529. Conversely, if it rises above the immediate resistance at 78,877, it could encounter the next resistance at 79,246.
Additionally, the Relative Strength Index (RSI) is at 66.391, indicating a buy signal, while the Stochastic Oscillator is at 99.408, suggesting overbought conditions.
As of December 26, 2024, the S&P BSE Sensex closed at 78,472.48.
Support and Resistance Levels: Resistance Levels: R1: 78,900 R2: 79,450 R3: 80,000 Support Levels: S1: 78,000 S2: 77,500 S3: 77,000 These levels indicate potential zones where the Sensex might face buying or selling pressure:
If the index moves upwards, it may face resistance near 78,900 or higher at 79,450. If it declines, it could find support around 78,000 or lower near 77,500. Technical Observations: The current trend shows consolidation near the 78,500 mark, with RSI in a neutral zone indicating balanced momentum. A breach of 79,000 could signal bullish momentum, while a drop below 78,000 may indicate further weakness.
The Sensex (or BSE SENSEX) is the benchmark stock market index of the Bombay Stock Exchange (BSE), representing the performance of the top 30 companies listed on the exchange. Since it includes large-cap stocks across sectors, it reflects the broader market sentiment and can be an important barometer for the Indian stock market.
Support Levels: ₹60,000 - ₹61,000 (Strong Support Zone):
If the Sensex has recently bounced off this level, this could be a strong support range. A break below this level might signal further downside to the next support area. ₹58,000 (Psychological Support Level):
Round numbers like ₹58,000 are often key levels where the market may find support. If Sensex starts to dip towards ₹58,000, buying pressure from investors can drive the index higher. ₹56,000 - ₹57,000 (Previous Low / Support Zone):
If the Sensex had previously reversed direction around this level, it may serve as a significant support zone. A failure to hold above this range could lead to a larger correction. Resistance Levels: ₹63,000 - ₹64,000 (Recent Highs / Strong Resistance):
If Sensex has tested ₹63,000 or ₹64,000 multiple times without sustaining above it, this would be a strong resistance level. A breakout above this level with strong volume could signal continued bullishness. ₹65,000 (Psychological Resistance):