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Nifty Faces Resistance at 23,400 After Six-Week Decline; Brent Holds Steady
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CNBC TV18•21-09-2026, 08:33
Nifty Faces Resistance at 23,400 After Six-Week Decline; Brent Holds Steady
- •Nifty 50 closed lower for six consecutive weeks, a first since the 2020 pandemic, and struggles to cross 23,400.
- •Despite West Asia tensions, Brent crude remains stable around $103-$104 per barrel.
- •Nifty finds support between 23,250-23,300; a sustained move above 23,400 could target 23,500.
- •Nifty Bank holds 56,000, aiming for 57,000 if it decisively crosses the 56,500 hurdle.
- •Block deals are expected with Lenskart, and today is the last day to subscribe to the NSE IPO.
Key Questions Answered
It is the first time since the Covid-19 pandemic in 2020 that the Nifty 50 closed lower for six weeks in a row.
Support for the Nifty lies between the 23,250 and 23,300 levels, followed by 23,100 on the downside, while crossing and sustaining above 23,400 would make 23,500 a realistic possibility.
Despite the worsening geopolitical situation in West Asia, oil markets have not reacted adversely, with Brent continuing to remain around the $103 to $104 a barrel mark.
