In a challenging trading session on Friday, the NSE Nifty 50 index fell below its crucial support level of 23,900, closing at 23,898, down 1.14%. Analysts from Bajaj Broking Research noted the formation of a bearish candlestick pattern on the weekly chart, indicating profit booking at higher levels. Ajit Mishra, Senior Vice President of Research at Religare Broking, highlighted that rising crude oil prices and ongoing uncertainties regarding US-Iran truce talks are negatively impacting market sentiment. Additionally, disappointing earnings from IT giant Infosys led to a significant sell-off in the IT sector, further dragging the indices down. The crucial support level for Nifty is now positioned at 23,500, while a rebound could face resistance in the 24,200–24,500 range unless supported by easing crude prices and improved global cues. The Bank Nifty index is expected to follow a similar trajectory, remaining weak as long as it trades below the 56,800 level, with potential downside targets around 55,000–54,750. Overall, the market sentiment is cautious, reflecting the first weekly loss after two consecutive gains, primarily driven by uncertainties in the geopolitical landscape and underwhelming corporate earnings.