4 hrs ago
Indian Stocks Face Weekly Loss as Bulls Defend Key Levels
Indian stock indexes have had a difficult week.
The Nifty 50 could record its fourth weekly decline in a row.
This may happen if it finishes below 24,175.
Buyers, called bulls, want to keep the index above 23,800.
If it falls below that level, it could move toward 23,600.
The Nifty Bank helped support the Nifty on Thursday.
Oil prices were close to $96 per barrel.
Investors were also watching possible deals and the ESDS market listing.
Nifty 50 risks a fourth straight weekly loss if it closes below 24,175.
Bulls are expected to defend the 23,800 level on the downside.
A break below 23,800 could expose the recent swing low of 23,600.
Oil prices remain near $96 a barrel, while Asian markets edged higher.
A Gland Pharma block deal and the ESDS listing are expected to draw attention.
- Who
- Investors, bulls and bears, along with companies including Gland Pharma, ESDS, BSE, HDFC Bank, Bharat Forge and UltraTech.
- What
- Indian stock indexes faced another difficult trading session, with the Nifty 50 at risk of a fourth consecutive weekly loss.
- Where
- The Indian stock market; Asian markets also edged higher.
- When
- Friday, following Thursday's trading session and the conclusion of CAS.
- Why
- The Nifty 50 needed to close above 24,175 to avoid a fourth weekly loss, while traders watched support levels, oil prices, block deals and a market listing.
Bullish View
Cautious View
Nifty 50 direction
Bullish View
Bulls hoped the final trading day would bring relief and sought to defend 23,800.
Cautious View
A close below 24,175 would produce the index's fourth straight weekly loss.
Downside risk
Bullish View
Holding 23,800 could help the index attempt to recover above Thursday's high of 24,025.
Cautious View
Falling below 23,800 could open the way toward the recent swing low of 23,600.
Banking support
Bullish View
The Nifty Bank helped keep the Nifty afloat on Thursday, with 57,500 identified as an important level.
Cautious View
Neither the Nifty nor the Nifty Bank could sustain higher levels on Thursday.
Key facts
- Nifty 50 weekly threshold
- A close below 24,175 would mean a fourth straight weekly loss.
- Downside support
- Bulls aimed to defend 23,800.
- Recent swing low
- A move below 23,800 could expose 23,600.
- First upside level
- Thursday's high of 24,025.
- Nifty Bank level
- Sustaining above 57,500 was described as important.
- Oil price
- Oil prices remained near $96 a barrel.
- Market activity
- A Gland Pharma block deal was expected, alongside the ESDS listing.
Sources
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