Archive · 4 Oct 2026
Sensex, Nifty Face Key Supports as Global Cues Shift
Indian stocks had another difficult week, and both the Sensex and Nifty fell for eight weeks in a row.
On Thursday, they dropped again and ended at 71,909.70 and 22,421.95.
A measure of expected trading in India, GIFT Nifty, rose on Friday.
US shares also ended higher, while markets in South Korea and Japan had weekly or daily declines and Taiwan’s main index reached a record.
Analysts say the Indian indexes are near important support levels, where prices might stop falling or bounce.
But they also warn that prices could fall further if those levels break.
Investors will watch an upcoming Reserve Bank of India meeting and company results.
Oil prices, US bond yields and tensions involving the US and Iran could also affect markets.
The Sensex fell 1,670.84 points over the week, while the Nifty declined more than 3%, extending their losses for an eighth consecutive week.
On Thursday, the Sensex closed at 71,909.70 and the Nifty at 22,421.95, after both fell for a fourth straight session.
GIFT Nifty ended Friday, October 2, up 0.59% at 22,624.50, while US stocks finished higher after weaker-than-expected jobs data.
Analysts cited 71,000–71,200 as a Sensex support zone and 22,400–22,600 as a key long-term support area for the Nifty.
Markets will watch the RBI policy meeting, TCS earnings, crude prices, US bond yields and US-Iran tensions in the coming week.
- Who
- Indian markets, including the Sensex and Nifty; analysts Sachin Gupta and Ajit Mishra provided outlooks.
- What
- Indian stocks extended their losses, while analysts identified support levels and possible rebound or further downside scenarios.
- When
- The reported market session was Thursday, October 1, with GIFT Nifty and US market data reported for Friday, October 2; the outlook concerns Monday, October 5, 2026.
- Where
- India, with global market cues from the United States, South Korea, Japan and Taiwan.
- Why
- The article attributes the decline to sustained foreign investor selling, elevated bond yields, higher crude prices and weak global cues.
Potential rebound
Further downside risk
Near-term direction
Potential rebound
The cited Nifty outlook says key long-term support and oversold conditions could prompt a near-term rebound, with 22,800 as an initial target and 23,100–23,200 after that.
Further downside risk
The same outlook says the broader trend remains negative and a decisive break below the April low could take the Nifty to 21,700–22,000.
Sensex technical picture
Potential rebound
The Sensex’s RSI was 24.55, described as deeply oversold, and the index recovered above the April 2025 swing low before closing.
Further downside risk
The Sensex remained below its 50-day and 200-day EMAs, and the article describes continued selling pressure and an extended corrective phase.
- Sensex close Thursday
- 71,909.70, down 570.59 points or 0.79%.
- Nifty 50 close Thursday
- 22,421.95, down 198.50 points or 0.88%.
- Weekly decline
- The Sensex lost 1,670.84 points and the Nifty fell more than 3%; the article says losses extended for an eighth consecutive week.
- GIFT Nifty
- Closed at 22,624.50 on October 2, up 133.50 points or 0.59%.
- Sensex levels cited
- Support: 71,000–71,200; resistance: 72,300–72,500.
- Nifty levels cited
- Key support zone: 22,400–22,600; possible upside targets: 22,800 and 23,100–23,200; downside scenario: 21,700–22,000.
- Upcoming events
- RBI Monetary Policy Committee meeting: October 5–7, with a decision scheduled for October 7 at 10 a.m.; TCS results are scheduled for October 8.
- Oil prices reported
- Brent settled at $102.25 a barrel and WTI at $91.11 a barrel.