Indian benchmark indices Sensex and Nifty snapped their two-session winning streak on Friday amid profit booking triggered by weak global cues, rising crude oil prices, and continued pressure on the Indian rupee.
Investors are now expected to closely track geopolitical developments in the Middle East, oil price movement, ongoing corporate earnings, and currency fluctuations in the coming week.
The 30-share Sensex declined 161 points, or 0.21 per cent, to settle at 75,237.99, while the Nifty fell 46 points, or 0.19 per cent, to close at 23,643.50.
Commenting on the technical outlook, experts said that 23,800 now acts as the immediate resistance level, followed by the crucial 24,000 psychological zone where Call OI concentration remains significantly high.
“On the downside, 23,500 acts as the immediate support, followed by 23,300 where fresh buying demand may emerge alongside the weekly swing low,” an analyst stated.
“A decisive breakdown below this range could drag the index toward the 23,000 Put wall, which remains the strongest OI-based support zone for now,” as per the analyst.
Market sentiment remained cautious due to escalating concerns surrounding the prolonged conflict involving the US and Iran.
The geopolitical standoff has entered its third month with no breakthrough in negotiations so far. In the latest development, Iran said it will soon present a proposal regarding maritime traffic management through the strategically important Strait of Hormuz.
Any disruption in the region could significantly impact global crude oil supply and increase volatility across financial markets.
Crude oil prices surged more than 3 per cent on Friday after comments from US President Donald Trump and Iran’s foreign minister dampened hopes of a near-term agreement aimed at stopping attacks and seizures of ships near the Strait of Hormuz.
Investors will also keep a close watch on the ongoing Q4 FY26 earnings season. More than 500 companies are scheduled to announce their financial results for the quarter ended March 2026 during the upcoming week.
Apart from domestic triggers, global market trends, foreign institutional investor activity, and developments in the US bond market are also expected to influence trading sentiment on Dalal Street in the week ahead.
