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Nifty 50 snaps losing streak as crude falls and Fed tightening expectations ease
The Nifty 50 ended 0.6% higher at 22,555.75 after testing long term support near 22,400, with traders focused on the outlook for US Federal Reserve policy following weaker-than-expected US jobs data.
The Nifty 50 ended Monday, October 5, up 0.6% at 22,555.75, snapping a four-session losing streak as crude oil prices declined and investors recalibrated expectations for aggressive monetary tightening by the US Federal Reserve.
LiveMint Markets said the index tested crucial long-term support around 22,400 and then recovered, but it noted the broader technical picture remains weak, with the market still trading below key moving averages and printing lower highs and lower lows.
Vishnu Kant Upadhyay, AVP-Research at Master Capital Services, said the near-term view is “sell on rise,” adding that any recovery toward 22,800 may face selling pressure.
On the downside, Upadhyay indicated the 22,400 to 22,300 area may provide buying support.
Latest closeWTI crude $89.31 ▼2.0%