Nifty down for third consecutive week

New Delhi: Deepak Jasani, Head of Retail Research, HDFC Securities said that Nifty fell for the third consecutive week, falling to 0.45 per cent.

He said that on Wednesday, Nifty built on the weakness from the previous session.

“As the Q1 results season has come to an end, we could see a broad based profit taking in the markets even as the global cues are also not helping currently. 19300 could be the next support for Nifty while 19645 could now prove to be a resistance. A breach of 19300 could take the Nifty to 18887 over the next few weeks,” he said.

Nifty fell for the second consecutive session on Aug 11, pulled down by weak global cues. At close, Nifty was down 0.59% or 114.9 points at 19428.3. Broad market indices fell less than the Nifty even as the advance decline ratio dipped to 0.65:1.

European and Asian stocks fell on Friday as traders closed out a week marred by geopolitical tensions between China and the US, and softer economic data that dented valuations in China. Hawkish language from a US central banker also put traders in a risk-off mood, he said.

Vinod Nair, Head of Research at Geojit Financial Services said the domestic market continued to experience selling pressure, with banking stocks extending their decline in reaction to the RBI's liquidity absorption measures.

The escalating concerns about inflation further weighed down domestic market sentiments. Despite the US CPI coming in lower than expected and the UK GDP beating estimates, global sentiment remained unfavourable, he said.