The Indian stock market is expected to stay active in the coming sessions as investors assess a combination of domestic economic signals and global developments. 

With the Q3 earnings season approaching, market sentiment will be guided by key data releases, geopolitical developments and trends in commodities and currencies.

Commenting on Nifty technical outlook, an analyst said that “on the upside, immediate resistance is placed at 26,400, followed by 26,500 and 26,600, while on the downside, support is seen at 26,200 and then at 26,100.”

“A deeper breakdown below 26,000 could invite additional downside pressure,” analyst stated.

On the domestic front, investors will keep a close watch on the final readings of the HSBC Services PMI and Composite PMI, which will offer clues about the pace of economic activity in the services sector.

Market participants will also track India’s GDP growth data, along with updates on bank loan growth, deposit growth and foreign exchange reserves, as these indicators will help assess credit demand and overall liquidity conditions in the economy.

Global cues are also expected to play an important role. Reports of US military action in Venezuela have added a fresh layer of uncertainty to global markets.

Attention will also remain on key US economic data, especially the non-farm payrolls and unemployment figures.

These numbers are crucial for shaping expectations around the US Federal Reserve’s interest rate trajectory and could affect global risk appetite and capital flows into emerging markets.

Commodity prices will be another major trigger. Gold and silver prices have moved sharply higher, supported by strong global demand and geopolitical tensions.

Rising metal prices often reflect increased risk aversion and could influence sectors linked to commodities as well as overall market sentiment.

The Indian rupee’s movement against the US dollar will also be closely tracked. The currency recently weakened past the 90 level, pressured by weak macroeconomic data and a stronger dollar globally.