Nifty eyes 23,000 support as analysts flag six-week losing streak

The Nifty has registered its sixth consecutive weekly decline, closing the week ended 18 September with a marginal loss of 0.18%. Analysts identify the 23,000, 23,100 zone as a key support level, with 23,500, 23,700 acting as the immediate resistance. A sustained move above 23,700 would indicate easing selling pressure, while a slip below 23,000 could extend the fall to 22,700. Bank Nifty is trading in a 55,500, 57,000 range. Analysts at SBI Securities and Anand Rathi recommend stocks including Indian Hotels Company, Sona BLW Precision Forgings, Castrol India, HDFC Life Insurance and Gabriel India for short-term upside.

Separately, corporate announcements mark several stocks in focus on 22 September. Mastercard is selling its entire 4.97 crore share stake in Pine Labs via a block deal at a floor price of Rs 179.50 apiece, worth nearly Rs 890 crore. Waaree Energies has received an order for 2 GW of solar modules. Garden Reach Shipbuilders & Engineers approved a Rs 2,896 crore capital outlay for a greenfield shipyard. The Nifty Auto index has fallen 6% in September, on track to snap a five-month winning streak, pressured by profit booking, elevated oil prices and global central bank rate hikes.