Now Reading: Nifty, Sensex Extend Losing Streak to Four Days
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Nifty, Sensex Extend Losing Streak to Four Days
Indian benchmark indices closed lower on Friday, extending losses for a fourth consecutive session. The Sensex fell 148 points to 77,931, while the Nifty slipped 29 points to 24,366. All major sectoral…
The Story in Brief
Indian benchmark indices closed lower on Friday, extending losses for a fourth consecutive session. The Sensex fell 148 points to 77,931, while the Nifty slipped 29 points to 24,366. All major sectoral indices traded in the red, with Nifty Metal the worst performer, followed by Nifty IT.
Foreign institutional investors sold equities worth Rs 510.69 crore on Thursday, exchange data showed. Technical analysts said the Nifty has been trapped in a narrow 438-point range since August 4. Support is seen at 24,240 and resistance at 24,450. Broader market breadth was weak, with the advance-decline ratio on the Nifty at 14:36 at midday.
The Indian Opinion
The narrative of a 'directionless market' is overblown. The Nifty has been consolidating in a clear band for weeks, not drifting aimlessly. Talk of bulls vs bears stalemate ignores that many sectors like metals and IT are in clear downtrends. The real test: will the Nifty break below 24,240, inviting 24,100, or push past 24,450 for a rally to 24,600? That breakout will decide the next trend, not hand-wringing about stalemates.
Sources (2): thehindubusinessline.com, news.abplive.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
