Mumbai: Indian stock markets are expected to remain under pressure this week after a weak previous session. Analysts said global uncertainty, rising crude oil prices and mixed corporate earnings could keep investors cautious.
The Sensex and Nifty both ended last week with sharp losses as banking stocks remained weak and geopolitical tensions hurt market sentiment.
Key Levels to Watch
According to market experts, the Sensex is likely to face immediate resistance near the 76,300 mark.
On the downside, support is seen in the 75,800–75,700 zone. If the index falls below this range, it could slip further towards 75,500–75,400.
These levels are expected to play an important role in deciding the market's short-term direction.
Nifty Support at 23,600
For the Nifty, analysts said the index has moved below its month-long trading range of 23,800–24,400.
The index tested support near 23,600 before ending the week at 23,767.45.
Experts believe 23,600 is now a crucial level. If the Nifty breaks below it, the correction could deepen towards 23,100, which was the previous swing low.
On the upside, resistance is expected around 24,000–24,100, while 24,400 remains the next major hurdle.
Why Markets Fell Last Week
Indian markets remained volatile throughout the week due to a combination of global and domestic factors.
A sharp rise in crude oil prices and fresh geopolitical tensions increased uncertainty in global markets. Investors also reacted cautiously to mixed first-quarter earnings from banking companies.
At the same time, weakness in the rupee and a broader risk-off mood reduced buying interest, even though India's economic indicators remained relatively stable and several companies reported encouraging quarterly results.
Weekly Performance
The Sensex declined 2.68 percent during the week to close at 76,059.77.
The Nifty fell 2.33 percent to end at 23,767.45.
Analysts expect global developments, corporate earnings and movements around these important technical levels to guide market direction in the coming trading sessions.
