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Below the Quote on Sensex by Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited

"Sensex closed at 74,729.27, gaining 413.66 points (+0.56%). The benchmark extended its recovery, supported by buying interest in technology, metal and auto stocks. The index managed to sustain its upward momentum and ended the week on a positive note, reflecting improving sentiment across the market.

The immediate support zone is placed at 73,900–74,100, while resistance is seen around 75,000–75,300. The broader trading range stands at 73,900–75,300, with the overall bias remaining sideways to bullish. Holding above the support zone could help the index maintain its positive momentum, while a sustained breakout above 75,000 may pave the way for further gains.

Sectorally, BSE Information Technology, Focused IT, Metal, Auto and Commodities were among the leading gainers. In contrast, BSE Consumer Durables, Hospitals, Energy and Financial Services faced selling pressure. Strong performance in technology and metal stocks supported the broader market, although weakness in select sectors kept the advance uneven.

From a technical perspective, the Sensex opened on a nearly flat note and moved higher after forming a pin-bar candle in the first hour, taking support near the 74,000 zone. The index consolidated within a range during the latter part of the session but maintained its upward bias and closed above both the 20 EMA and 50 EMA. The benchmark also recorded a weekly gain of 3.11%, with a strong bullish weekly candle indicating improving sentiment for the coming sessions. The RSI stood at 55.90, above its RSI-based moving average of 36.74, supporting the positive momentum outlook.

Options data for the new expiry indicates that 74,500 PE has the highest Put OI concentration, making it an important support zone where Put writers are active. On the upside, 75,000 CE holds the highest Call OI and may act as an immediate resistance. The PCR stands at 1.13, suggesting a moderately positive options setup. A sustained move above 75,000 will be important to determine whether bullish momentum can extend further.

Overall, the Sensex outlook remains sideways to bullish, supported by the strong weekly recovery and improving momentum indicators. Sustaining above 73,900–74,100 could keep the upward bias intact and help the index challenge the 75,000–75,300 resistance zone. A decisive breakout above this range may attract fresh buying, while failure to cross resistance could lead to consolidation or profit-booking. Traders should monitor price action around these key levels and changes in open interest before taking fresh directional positions."

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