New Delhi, May 18 -- Rising crude oil prices, weak rupee, FII selling, and geopolitical concerns weighed heavily on the Indian stock market last week, dragging the benchmarks, the Sensex and the Nifty 50, down 2.7% and 2.2%, respectively.

The Nifty 50, which settled at 23,643.50 on Friday, 15 May, has broken below the important 23,900 support, retracing nearly 50% of its previous rally.

Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, believes the key resistance for this week is placed near 23,850.

"A sustained move above this level may trigger fresh upside towards 24,500-25,000. On the downside, support is placed near 23,500, below which Nifty may retest 23,300-23,100 levels," Patel s...