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Sensex Support Seen at 71,000–71,200 as Nifty Eyes Rebound
Indian stocks had another difficult week and fell for the eighth week in a row.
The Sensex lost 1,670.84 points during the week, and the Nifty fell by more than 3 percent.
Investors were worried about overseas investors selling shares, higher oil prices and weak signals from global markets.
On Thursday, the Sensex briefly reached its lowest level in a year before closing at 71,909.70.
Analysts think the Sensex may find support around 71,000–71,200.
They say the Nifty could rebound toward 22,800 if buyers return.
But they also warned that prices could fall further if the Nifty drops below its April low.
Oil prices, bond yields and foreign investor activity may affect what happens next.
Indian markets ended lower for an eighth consecutive week, with the Sensex down 1,670.84 points.
The Nifty fell more than 3 percent during the week amid persistent selling.
On Thursday, the Sensex closed at 71,909.70 after reaching a 52-week low of 71,292.88.
Analysts identified 71,000–71,200 as immediate Sensex support and 72,300–72,500 as resistance.
Analysts saw 22,800 as a possible first Nifty rebound target, but warned a break below the April low could send it toward 21,700–22,000.
- Who
- Indian stock-market investors and analysts.
- What
- The Sensex and Nifty fell for an eighth consecutive week, while analysts outlined possible support and rebound levels.
- Where
- Indian stock markets; the article is datelined Mumbai.
- When
- During the reported trading week; Thursday's date was not specified.
- Why
- Persistent foreign investor selling, higher crude oil prices, elevated bond yields and weak global signals weighed on sentiment.
Key facts
- Weekly Sensex change
- Down 1,670.84 points.
- Weekly Nifty change
- Down more than 3 percent.
- Thursday Sensex close
- 71,909.70, down 570.59 points or 0.79 percent.
- Sensex 52-week low
- 71,292.88, reached during Thursday's session.
- Sensex support and resistance
- Support: 71,000–71,200; resistance: 72,300–72,500.
- Nifty possible rebound targets
- 22,800 initially; 23,100–23,200 if buying strengthens.
- Nifty downside scenario
- A decisive fall below the April low could lead toward 21,700–22,000.
Sources
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