Mumbai, May 3 (IANS) The Indian stock market is likely to remain under pressure in the coming week as investors grapple with rising crude oil prices, persistent foreign fund outflows, and escalating geopolitical tensions.

Alongside these macro triggers, a busy earnings calendar is expected to keep stock-specific action high, even as the broader sentiment stays cautious.

During the last trading session, the Nifty declined 0.73 per cent to close at 24,000, recovering from its day’s low, while the Sensex slipped 0.78 per cent to end at 76,891 compared to the previous session.

The sell-off was largely led by oil-sensitive stocks, as crude prices stayed elevated above the $100-per-barrel mark.

Commenting on the Nifty technical outlook, experts said that the price action suggests consolidation with a mildly bullish bias.

“On the upside, resistance levels are placed at 24,350 and 24,600. On the downside, support is seen at 23,900 and 23,550. A breakdown below 23,500 could result in increased selling pressure,” an analyst stated.

Looking ahead, market participants are expected to closely track a packed earnings calendar. More than 250 companies are set to announce their results for the March quarter.

Geopolitical developments will also remain a key overhang. Concerns around a potential escalation in tensions between the United States and Iran have kept global markets on edge.

Crude oil prices will continue to be a crucial factor for domestic equities, given India’s heavy reliance on imports.

Although prices eased slightly after reports of Iran’s willingness to engage in talks, Brent crude continues to hover near $108 per barrel, while West Texas Intermediate remains around $101.

Currency movements are another important trigger. The Indian rupee recently hit a record low against the US dollar amid rising oil prices before recovering some ground.

–IANS

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