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Bank Nifty support at 53,000 eyed as Nifty bulls wait for 23,100 break
The outlook cites pressure from Brent nearing $105 a barrel and a US 10-year yield around 5.25%, factors that could keep foreign portfolio flows subdued.
LiveMint Markets reports that technical research flagged 53,000 as crucial support for India’s Bank Nifty, saying the level must hold to avoid a weaker trend.
The same analysis said the broader Nifty 50 also faced pressure even after domestic industrial output came in stronger than expected, with recovery attempts lacking sustained follow-through.
According to Vaishali Parekh of Prabhudas Lilladher, bulls would need a decisive move above the 23,100 zone to establish conviction and clarity for a possible trend reversal.
The note attributes the tougher backdrop to near-$105 Brent crude and a US 10-year bond yield around 5.25%, arguing that elevated crude can add inflation pressure while higher US yields can weigh on risk assets and keep foreign portfolio flows subdued.
Latest closeWTI crude $93.42 ▲1.1%|Brent $98.85 ▼5.2%