Overall structure remains weak

Mumbai: Once again, the benchmark indices witnessed a weak session, despite a recovery towards the close. The Sensex declined by 374 points. Among sectors, the Energy index gained nearly 0.75.

The weakness was in line with the broader risk-off sentiment, as rising crude oil prices and escalating geopolitical tensions continued to weigh on equities.

“The market has been breaking important support levels with relatively little effort, which is a matter of concern,” says Shrikant Chouhan, Head – Equity Researh, Kotak Securities. A decisive dismissal of the 75,400 support zone could trigger another round of capitulation.

For Thursday, 76,100 on the Sensex will remain crucial trend-deciding levels. Sustaining below 76,100 could quickly drag the indices towards 75,400. On the upside, a sustained move above 77,200 could trigger a recovery towards 77,500–77,700.