Nifty 50 slides nearly 2% as geopolitical tensions and oil volatility pressure markets
The Nifty 50 fell about 2% last week, taking year-to-date losses to roughly 13.6%, while analysts cite support near 22,300 and resistance around 22,850-22,900.
The Nifty 50 closed 0.39% lower at 22,600 points on Friday, with the Nifty Bank index down 1.10% and the BSE Sensex slipping 0.17% to 73,123.83 points. The decline followed heightened geopolitical tensions and volatility in Brent crude oil prices, which pushed the index’s year-to-date loss to about 13.56%, the steepest annual drop in more than a decade.
Technical analysts note that the index is approaching its 200-week exponential moving average and that selling pressure is evident across most sectors. Dr. Ravi Singh, Chief Research Officer at Master Capital Services Ltd., said, "> Immediate support is placed near 22,300, and a decisive breakdown below this zone could trigger further selling towards 22,000, a key psychological support level. On the upside, the 22,850-22,900 zone remains a crucial resistance area, coinciding with the 21-day EMA. As long as the index trades below this hurdle, the strategy remains sell on rise, with recovery attempts facing sustained selling pressure."
Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking, added, "> Index holding above last week’s low of 22,372 will lead to consolidation in the range of 22,370-22,850 in the coming week. On the higher side immediate resistance is placed at 22,850 levels due to the presence of the 20-day EMA, while the previous week high of 23,175 is likely to act as a major hurdle."
Among individual stocks, Infosys is expected to stay in focus after reporting a 6.23% rise in net profit to ₹7,823 crore for Q2 FY27, with the share closing marginally higher at ₹1,154.50. Kotak Mahindra Bank also draws attention following a 26% jump in consolidated net profit to ₹5,645 crore, though its stock fell 1.70% to ₹430.10. Reliance Industries Limited remains a point of interest as investors await the final allocation of the Jio Platforms IPO, which closed with strong subscription levels.
Other companies slated to release Q2 FY27 results on Monday, October 26, include Ather Energy, Tata Consumer Products, ITC Hotels, Dalmia Bharat, Bank of Maharashtra, and APL Apollo Tubes.