2 weeks ago
Indian Stocks Face Pressure as Nifty Targets 24,000 Support
Indian stock markets may open lower today.
Futures suggested a weak start for the Nifty.
Other Asian markets, including the Nikkei and Kospi, were down more than 2%.
The Nifty 50 has fallen for six days in a row.
It has lost more than 400 points during that period.
The next important level traders are watching is 24,000.
Higher oil prices and rising bond yields are also influencing market attention.
Several companies, including Aster DM Healthcare, ONGC, BPCL and Hindustan Zinc, are being watched by investors.
Nifty futures indicated a negative start as Nikkei and Kospi fell more than 2%.
The Nifty 50 has lost over 400 points during a six-day losing streak.
After breaking 24,500 and 24,200, the Nifty is now approaching 24,000 support.
Brent crude remained above $91 a barrel while global bond yields rose to multi-decade highs.
Aster DM Healthcare, ONGC, BPCL and Hindustan Zinc were highlighted for investor attention.
- Who
- The Nifty 50, Nifty Bank and other Indian stocks, alongside Asian market indexes.
- What
- Indian equity markets were expected to face a weak opening after the Nifty 50’s six-day decline.
- Where
- Indian stock markets, with related movements in the Nikkei and Kospi in Asia.
- When
- During the trading session covered by the live market update; no exact date was provided.
- Why
- Brent crude remained above $91 a barrel and bond yields across countries were rising to multi-decade highs, adding to market concerns.
Key facts
- Nifty 50 decline
- The index shed more than 400 points over six consecutive losing sessions.
- Key support
- The bears were focused on the psychological support level of 24,000.
- Broken levels
- The Nifty had moved below 24,500 and 24,200.
- Nifty upside level
- The index needed to cross and sustain above 24,266, the previous Tuesday’s high.
- Nifty Bank range
- The index was oscillating between 57,000 and 58,000.
- Crude oil
- Brent remained above $91 per barrel.
- Stocks in focus
- Aster DM Healthcare, ONGC, BPCL and Hindustan Zinc were highlighted.
Sources
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