Sensex Support Seen At 71,000–71,200, Nifty May Rebound Towards 22,800
Mumbai: Indian stock markets ended lower for the eighth straight week as continued foreign investor selling, higher crude oil prices and weak global signals kept investors cautious. Analysts said a brief recovery remains possible despite the broader weakness. Eight weeks of losses The Sensex lost 1,670.84 points during the week, while the Nifty declined more than 3 percent. Selling pressure…
Mumbai experienced a week of declining Indian stock markets, with the Sensex and Nifty both ending lower for the eighth consecutive week. Foreign investor selling, rising crude oil prices, and unfavorable global cues contributed to the market's cautious sentiment. The Sensex lost 1,670.84 points during the week, while the Nifty declined by more than 3%.
Despite the broader weakness, analysts believe there is potential for a brief recovery, although the market's overall trend remains weak. The Sensex approached the support zone of 71,000-71,200, with any recovery facing resistance in the 72,300-72,500 range. The Nifty, on the other hand, had 22,800 as the primary upside target, followed by 23,100-23,200 if buying continued.
The market's volatility and global factors, such as crude oil prices, bond yields, and overseas market movements, will be crucial in determining the short-term trading directions.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
