Bizz Buzz Bureau Mumbai

Inthe last session of the week, the benchmark indices experienced volatile activity. On a weekly basis, the Sensex declined by 460 points. Among sectors, the Capital Market index was the top gainer, rallying 2.55 per cent, whereas FMCG and IT indices lost the most, shedding over 2 per cent. During the week, the market slipped below the 50-day SMA (Simple Moving Average), but after a correction, it trimmed some losses in the last two trading sessions.

Technically, the short-term market outlook remains weak. However, the 50-day SMA or the Sensex 76,900 level is expected to act as a crucial support zone for traders. As long as the market trades above this level, a pullback formation is likely to continue. On the higher side, the market could bounce back to the 20-day SMA or around 78,000. A successful breakout above 78,000 could push the market towards the 78,300-78,900 range.

On the flip side, if the market falls below 76,900, sentiment could turn negative. Below this level, selling pressure is likely to accelerate, and the index could retest the 76400 level. Further downward movement could also continue, potentially dragging the index to the 75,900-75,700 range.