Will the BSE Sensex hit 90,000-mark by Dec 2024? Here’s what chart says
Source: Business Standard
The BSE Sensex rallied 1 per cent or 826 points in Thursday’s intra-day deals to hit a new all-time high at 83,774 following a 50 basis points interest rate cut announced by the US Federal Reserve. Analysts believe that availability of cheaper funds in the US could attract more foreign inflows to markets such as India.
The Indian markets have been on a roll post the Covid-19 fall. In the calendar year 2024 alone, the BSE Sensex has surged 16 per cent thus far; with a 6 per cent gain coming in the September quarter itself.
During the course of the year, the BSE Sensex crossed the 80,000 landmark for the first-time ever on July 03, 2024. The BSE benchmark index had taken just 137 trading sessions to rally from the 70,000 landmark to 80,000.
At present, the BSE index has completed 53 trading sessions since crossing the 80,000-mark. The BSE Sensex is now another 7.4 per cent or 6,200-odd points shy from the 90,000 milestone, with another 70-odd trading sessions remaining in this calendar year.
As such, can the BSE Sensex hit the 90,000 milestone by December 2024? Here’s what the chart suggest:
BSE Sensex
Current Level: 83,600
Support: 82,950; 82,250; 81,250
Resistance: 84,865; 85,250; 87,650
The BSE Sensex is trading on a buoyant note across time-frames, with the benchmark index firmly above its key moving averages. At present, the index is seen treading along the higher-end of the Bollinger Bands on the daily scale. Sustained trade above 83,650 levels could see added upside momentum.
In case, the Sensex closes below 83,650, the index could consolidate in the near-term with support seen at 82,950 and 82,250 levels. As per the medium-term chart, the Sensex could soon test 85,250 levels.
As per the quarterly Fibonacci chart, with today’s high above 83,750 hurdle; the Sensex has opened the doors for a likely test of 84,865 in September itself. The quarterly chart suggests that the bias for the Sensex shall remain positive as long as the index holds above 81,250 levels.
Meanwhile, on the longer-term scale, break and sustained trade above 84,865 levels; can lead to a sustained rally towards 91,000-mark. However, in the interim strong resistance for the BSE Sensex can be expected around 87,650 levels; hints the yearly Fibonacci chart.
First Published: Sep 19 2024 | 10:20 AM IST
