The Nifty slipped 32 points to close at 23,618 on Tuesday as late selling in heavyweight stocks erased an early advance, leaving a bearish candlestick with a pronounced upper shadow — a technical sign that buyers surrendered gains late in the session. Market momentum was dented as global cues turned negative and investors grew wary of tighter liquidity and higher yields abroad, according to Rajesh Palviya, Head of Research at Axis Direct.
Wall Street extended losses for a third straight session, with the S&P 500 down 0.67%, while the US 30-year Treasury yield climbed to its highest level in nearly 19 years. Rising US bond yields kept the dollar firm and pushed the Indian rupee to fresh record lows against the greenback, adding pressure on emerging-market assets and weighing on domestic sentiment.
Commodity moves reinforced the dour backdrop: gold hovered near $4,500, silver around $74, copper remained steady, and Brent crude stayed above $110 a barrel — a mix that poses upside risks to inflation and further stress on currency stability.
Asian markets traded mixed in early trade and GIFT Nifty signalled a negative start for domestic equities, suggesting cautious opening flows for the cash session. For less-experienced readers, GIFT Nifty is the overseas trading indicator for the Indian index that often hints at the domestic market’s opening direction.
Technically, Palviya noted the 23,400–23,300 band as a key support zone; a decisive break below that range could pull the index toward 23,100–23,000. On the upside, he said Nifty needs to reclaim 23,750 convincingly to restore upward momentum, while a sustained move above 23,900–24,000 would be required to meaningfully improve the near-term outlook.
Traders will likely watch US yields, dollar-rupee moves, and crude prices for cues; earnings and domestic macro releases will also influence whether the index finds support near current levels or resumes its slide.
Original Source: https://www.ndtv.com/business-news/stock-market-sensex-share-market-nifty-live-updates-today-20-may-donald-trump-us-iran-war-oil-price-rupee-fall-11520433#publisher=newsstand
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Publish Date: 2026-05-20 09:28:00
