Mumbai, September 13, 2026 (Yes Punjab News)
Indian equities are likely to remain cautious in the near term, with analysts expecting the Sensex to consolidate between 74,000 and 75,200, while the Nifty faces immediate resistance around 23,500 after the benchmarks recorded their fifth consecutive weekly decline.
The stock market will remain closed on Monday, September 14, on account of Ganesh Chaturthi, with trading resuming on Tuesday. The benchmarks ended the previous week under pressure from elevated crude oil prices, rising global bond yields and concerns over persistent US inflation.
Analysts said the Sensex’s broader technical outlook remains sideways. Holding the 74,000-74,160 support zone could sustain the recovery attempt 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,” market experts said.
For the Nifty, a sustained move above 23,500 could trigger a pullback towards 23,650 in the coming sessions. However, failure to reclaim the 23,500 level could keep the index in consolidation mode between 23,230 and 23,500.
“Immediate bias in the index remains down and a follow-through weakness below last week’s low of 23,231 will open downside towards the short-term support placed around the June low of 23,070 levels in the coming week,” analysts said.
The Sensex fell 2.27 per cent during the week to close at 74,781.76, while the Nifty declined 2.09 per cent to settle at 23,398.10. The broader market also remained weak, with the Nifty Midcap index losing 1.40 per cent and the Smallcap index declining 0.88 per cent.
Friday, however, saw domestic equities recover sharply from their intraday lows after crude oil prices eased following their recent rally. The moderation in oil prices triggered buying in oil-sensitive stocks, while the prolonged sell-off pushed the benchmark indices into oversold territory and encouraged value buying at lower levels.
The Nifty recovered 0.72 per cent from its intraday low before ending Friday 0.34 per cent lower at 23,398.10. The Sensex also staged a strong recovery from the day’s lows but eventually closed 0.16 per cent down at around 74,780.
Analysts said the prevailing downtrend would show signs of a pause only after the formation of a sustained higher high and higher low on the daily chart.
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