New Delhi, 16 February (IANS). The week to the Indian stock market will be very important. During this time, the Purchasing Manager Index (PMI), the trade deficit, the last monetary policy minutes and many economic figures will come, which can be seen on the market.
Investors are constantly cautious due to weakness in the rupee against the dollar.
The Indian stock market saw a decline in Friday’s trading session for the eighth consecutive day. This was the first time in the last two years, when there was such a big decline in the market. The Nifty 50 index fell 102.15 points or 0.44 percent to 22,929.25 and the Sensex fell at 199.76 points or 0.26 percent to close at 75,939.21.
In the business session from February 10 to February 14, the Nifty declined by 2.8 percent and it was the worst week in terms of decline. The Nifty Realty Index led the decline and slipped more than 9 percent a week. At the same time, the Nifty Oil and Gas Index declined by 6 percent.
Apart from this, the Nifty Midcap 150 index has led to the biggest decline since Corona.
At the same time, the Nifty Smallcap 250 index slipped 9.5 percent during the week, which is the biggest decline since Kovid-19.
During this period, BSE midcap and smallcap index closed down 2.59 percent and 3.24 percent.
Apart from domestic, global data also affects the market speed. The next week will be the eye of investors on American Fed Minutes, US Jobless claim data, manufacturing and service PMI.
According to Rishikesh Yedve, Assistant Vice President of Technical and Derivatives Riches of Asit C. Mehta Investment Intermediates Limited, the benchmark Nifty 50 has created a red candle on both daily and weekly charts, which indicates weakness.
Yedve further said, “The 21-day moving average is close to 23,260. This will cause a nifty to 23,260 to 23,300 one obstruction zone. If it removes 23,300, it can be seen to be seen.”
Last week, more than Rs 19,000 crore has been sold by foreign institutional investors (FIIs), while domestic institutional investors (DIIs) have bought shares worth Rs 18,745 crore.
Director of Master Trust Group, Punit Singhania said the bank Nifty closed down by 2.11 percent this week. For this, 49,650 is a large obstruction level. If it breaks, then 50,200 levels can also be seen. 48,700 is an important support in the event of a decline. If this level breaks, the bank can touch the Nifty 48,000.
-IANS
ABS/
