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Indian stocks slip for third straight session as crude near $101
The Sensex fell 2.3% and the Nifty 50 dropped 2.0%, while analysts flagged 23,550 as near-term resistance.
Indian equities extended losses for a third straight session on Wednesday, September 9, with sentiment hurt by rising oil prices tied to escalating US-Iran tensions, LiveMint Markets reported.
In the selloff, the Sensex fell 2.3% over three sessions and the Nifty 50 shed 2%, as crude traded close to $101 per barrel on Thursday, raising concerns about pressure on India’s economy and corporate profitability, according to LiveMint Markets.
On market levels, Kotak Securities technical research head Amol Athawale said the index has been forming a lower high-lower low pattern and printed a bearish candle on daily charts, suggesting more weakness. He highlighted 23,550 as immediate resistance and said the downside could reach 23,300 to 23,200, while a sustained move above 23,550 could lift the index toward 23,650 to 23,700, LiveMint Markets added.
Athawale also pointed to near-term trading structures in individual stocks including Swiggy, which he said is consolidating in a symmetrical triangle with key support at ₹272, and Cummins India, where he cited a breakout from a sloping channel and noted ₹4,990 as a trend decider level for bulls. He said stronger performance could take Swiggy toward ₹303 and Cummins India toward ₹5,540 if key levels hold, according to LiveMint Markets.
Latest closeWTI crude $97.01 ▲4.3%|Sensex 75,577.58 ▼0.7%