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Sensex and Nifty extend win streak as crude oil eases

Nifty closed at 24,383.6, after defending the 23,800 support level and finishing near its 200-day EMA, with analysts citing short-covering ahead of monthly derivatives expiry.

Reported · Written up by our desk · Indices

Indian equity benchmarks extended their winning streak for a third straight session on Friday, July 31, with gains attributed to mixed global cues and easing crude oil prices, according to LiveMint Markets.

The Sensex rose 166 points, or 0.2%, to close at 78,094.64, while the Nifty 50 gained 66 points, or 0.3%, to settle at 24,383.60.

Anand Rathi technical research analyst Ganesh Dongre said the Nifty defended the 23,800 support level after previously failing to push through the 24,500 to 24,600 resistance area linked to the 200-day EMA. He added that the index reclaimed 24,300 and closed near the 200-day EMA, supported by short-covering ahead of the monthly derivatives expiry.

Dongre noted derivative data points to an overbought condition on the weekly chart after a sharp rally, but maintained that the larger technical structure remains constructive. He expected the Nifty to trade in a 23,800 to 24,600 range for the coming week, with 23,500 to 23,600 seen as medium-term support.

Latest closeWTI crude $86.80 ▲3.8%|Sensex 77,928.15 ▲0.3%

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