Stock market outlook: Can Nifty 50 break 25k level hurdle? Key levels to watch out this week
Indian stock market: Both Indian indices - Sensex and Nifty 50 - ended the last week of May on a lower, making it second consecutive week to close in red.
The BSE benchmark dropped by 270.07 points, or 0.33%, while the Nifty slipped 102.45 points, or 0.41%. The market closed the week on a cautious note, reflecting a muted performance influenced by persistent global trade tensions and uncertainty over upcoming domestic policy decisions.
On Friday, both indices ended lower after a mostly range-bound session, weighed down by declines in IT stocks and weak cues from Asian markets amid trade uncertainty sparked by a U.S. appeals court's temporary reinstatement of reciprocal tariffs.
The 30-stock BSE Sensex fell by 182.01 points, or 0.22%, closing at 81,451.01. Meanwhile, the NSE Nifty slipped by 82.90 points, or 0.33%, to end the day at 24,750.70. In contrast, the Bank Nifty index outperformed the broader market, rising by 0.63% to finish at 55,749, boosted by robust gains in the banking sector.
'Nifty ended the week on a jittery note, while Bank Nifty offered a silver lining with a 0.63% gain, led by SBI's 2.76% surge. Volatility is expected to persist as both buyers and sellers remain cautious; technically, Nifty turns bullish only above 25,116, with key support at 24,363. Market turbulence looms amid escalating US-China trade tensions, with President Trump accusing China of violating their agreement. Eyes now turn to the RBI's rate decision on June 6 and rising COVID-19 cases, with hopes pinned on Bank Nifty and short covering to push Nifty past the 25,000 mark,' said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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