Home›Global Markets›Emerging Markets›Nifty slips as Middle East tensions and higher crude l…

Nifty slips as Middle East tensions and higher crude lift caution

The Nifty 50 fell about 0.5% on the week to 24,252 as crude oil and global borrowing costs weighed on sentiment, according to technical research cited by LiveMint.

Reported · Written up by our desk · Emerging Markets

Indian equities ended a volatile week with the Nifty 50 slipping to 24,252 and the Sensex closing at 77,540.83, as investors stayed cautious amid elevated energy prices, turbulence in global bond markets, and ongoing geopolitical uncertainty, according to LiveMint Markets. LiveMint reports that the Nifty extended its losing streak through Wednesday, logging seven straight sessions of declines. Over that span the index lost about 2.1%, with crude oil rising and global borrowing costs moving higher. The outlet also cited research by Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, who said the Nifty had moved into an overbought zone after a sharp rally, increasing the chances of profit booking and sideways consolidation. Dongre added that the index has struggled to sustain above the 24,500 to 24,600 resistance area, which aligns with the 200-day EMA. Despite the consolidation, Dongre said the broader technical setup remains constructive, with long-term weekly trendline support holding in the 23,700 to 23,800 zone. LiveMint further noted that sector performance was selective, with Metals, Financials, and Realty leading the week’s gains, and that the near-term immediate support level was identified around 23,900.

Latest closeWTI crude $82.40 ▲1.4%|Sensex 78,079.96 ▲0.1%

More like this

Sources