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Indian equity markets have remained sensitive to global cues, currency movements, foreign fund flows and developments in crude oil and bond yields. Against this backdrop, investors are closely watching key technical levels on the Nifty 50 and Sensex for signs of the next directional move. In an interview, Hitesh Tailor, Technical Research Analyst at Choice Broking, discussed the near-term market outlook, key support and resistance levels, the impact of the rupee and the possibility of a shift towards precious metals amid rising uncertainty. He also highlighted Pharma & Healthcare, Metals and Consumer Durables as areas showing technical opportunities at the current juncture. Edited Excerpts: We expect volatility to remain a key feature of the market in the near term rather than a smooth, one-way trend. Global cues are still unsettled, with crude oil prices and US bond yields remaining important pressure points, while foreign fund flows are also influencing sentiment. Recent market moves have reflected this uncertainty, with sharp swings on both sides. For the market to settle into a sustained trend, we need some of these uncertainties to ease and buying to become more consistent. From a technical perspective, the Nifty’s ability to reclaim and sustain above the 23,500–23,600 zone would be important for a stronger recovery, while 23,000–22,800 remains the key support band. Until the index decisively moves out of this range, a choppy and stock-specific market is likely. Going ahead, crude oil, US yields, the rupee, FII/DII flows and the earnings outlook will be the major factors determining the next directional move. The global backdrop has made the India investment case more selective rather than weaker. Trade tensions, geopolitical uncertainty and elevated energy prices continue to create challenges, particularly for an oil-importing economy like India. However, India’s relatively strong domestic growth, supported by consumption, manufacturing and services, provides an important cushion against global weakness. The key advantage is that India is less dependent on external demand than many export-led economies, allowing domestic consumption and investment to support growth even when global conditions remain uncertain. At the same time, higher crude prices can put pressure on inflation and the import bill, while tighter global financial conditions can keep foreign flows volatile. Going ahead, domestic earnings, liquidity, policy support and valuations will be important market drivers. If energy prices stabilise and global financial conditions improve, India’s domestic growth story could regain stronger momentum, although stock selection and earnings visibility will remain crucial. The rupee has become an important variable for the equity market because its movement affects both corporate earnings and overall investor sentiment. A sharp fall in the currency can make imported inputs, especially crude oil, more expensive and can add pressure on inflation as well as company margins. It can also influence FII flows, particularly when global investors see currency depreciation as an additional risk. At the same time, a softer rupee is not negative for everyone, as export-focused sectors such as IT and pharma can benefit from higher rupee revenues on their overseas business. So, the key is not just the direction of the rupee but the pace of the move. An orderly currency movement is easier for markets to absorb, while a sudden depreciation could increase volatility. Going ahead, the rupee will need to be watched closely along with crude prices, US bond yields and foreign fund flows to gauge the broader market direction. Over the next few weeks, the Nifty’s 23,000–23,600 zone will remain an important range to watch, as a clear breakout or breakdown could set the tone for the broader trend. On the upside, a sustained move above 23,500–23,600 can strengthen the recovery and open the way towards 24,300–24,800, while 23,000–22,800 remains the key support band. A decisive breach of 23,000 would weaken the setup and bring lower levels into focus. For the Sensex, 72,700–72,200 is an important support area, with 75,000–75,500 acting as the immediate resistance zone. Along with these technical markers, the direction of corporate earnings, FII/DII activity, crude oil prices, the rupee and US bond yields will be equally important. A combination of improving earnings and stable global cues could help the indices establish a clearer trend, while renewed pressure from crude, yields or foreign selling may keep volatility elevated. A shift towards gold and silver is possible if uncertainty in equity markets increases further. Investors generally look towards precious metals when geopolitical tensions rise, crude oil remains elevated, global growth concerns increase or equity-market volatility becomes high. Gold can continue to attract safe-haven buying, while silver can also benefit from its industrial demand. However, a meaningful rotation away from equities would require sustained uncertainty rather than just short-term market weakness. Sharp FII selling, further weakness in the rupee, higher US bond yields and continued geopolitical tensions could increase demand for precious metals. If equity-market breadth remains weak while gold and silver continue to show strong price momentum, investors may increase their allocation towards these assets for diversification. At the current juncture, we see opportunities in Pharma & Healthcare, Metals and Consumer Durables from a technical perspective. Pharma & Healthcare stocks are showing relatively stable price structures, while the Nifty Metal Index is also maintaining a stable longer-term chart setup. The Nifty Consumer Durables Index has taken support around its 200-day EMA after a recent retracement, indicating a key technical support zone. Overall, the focus should remain on stocks and sectors showing strong price structures, holding important support levels, improving volumes and fresh technical breakouts. Rather than expecting a broad-based move across the market, opportunities are likely to remain more stock-specific, particularly in counters showing positive price action near key technical support or emerging from consolidation ranges. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions. Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! 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