2 weeks ago
Nifty falls fourth straight session; 24,200-24,250 key support
Imagine a big scoreboard that tracks how well the biggest companies in India are doing.
That scoreboard is called the Nifty.
Recently, the Nifty has been going down for four days in a row, which means many companies' stock prices have been falling.
On Friday, the Nifty closed at 24,366, which was 29 points lower than the day before.
Over the whole week, it went down by about 0.83 percent.
Some companies still did well, like Apollo Hospitals, Bharti Airtel and Adani Enterprises, while others like Tata Motors, Jio Financial Services and ONGC did not.
The Indian rupee also got a little weaker, so you need more rupees to buy one US dollar.
Experts watch special numbers called support and resistance levels to guess where the Nifty might go next.
They think the Nifty might find help around 24,200 to 24,250 if it keeps falling.
Things like oil prices and world news may affect the market next week.
Nifty declined for the fourth consecutive session on Friday, closing 29 points lower at 24,366 amid range-bound trading.
The index ended the week 0.83% lower, with the chart pattern pointing to gradual weakening over the past nine sessions.
Apollo Hospitals, Bharti Airtel and Adani Enterprises were the top Nifty gainers, while Tata Motors Passenger Vehicles, Jio Financial Services and ONGC were the biggest laggards.
The Indian rupee weakened to about ₹95.43 against the US dollar, with USD/INR trading in the 95.40-95.45 range.
Analysts see key support at 24,200-24,250 and immediate resistance at 24,500-24,550, with Brent crude above $87 a barrel among the key near-term drivers.
- Who
- Investors in the Indian stock market, Nifty 50 constituents including Apollo Hospitals, Bharti Airtel, Adani Enterprises, Tata Motors, Jio Financial Services and ONGC, and analysts from Motilal Oswal, HDFC Securities, SBI Securities and LKP Securities.
- What
- The Nifty index fell for a fourth straight session, closing 29 points lower at 24,366 and ending the week down 0.83%.
- Where
- Indian equity markets, including the BSE, with USD/INR reflecting the domestic currency's weakness.
- When
- Friday, with the next trading session expected on August 17.
- Why
- Range-bound trading, profit booking and a weakening technical setup, with global cues, West Asia developments, crude oil prices and risk sentiment expected to be key near-term drivers.
Key facts
- Nifty close
- 24,366, down 29 points
- Weekly change
- -0.83%
- Key support
- 24,200-24,250
- Key resistance
- 24,500-24,550
- USD/INR
- ≈₹95.43 (95.40-95.45 range)
- Brent crude
- Above $87 a barrel
- Advance-decline ratio (BSE)
- 0.84
- Broader market
- Nifty Midcap 100 -0.53%; Nifty Smallcap 100 -0.69%
Quotes
Siddhartha Khemka
Head of Markets at Motilal Oswal Securities
“"Going forward, stock‑specific action is likely to become more selective as investors assess the sustainability of the earnings recovery and broader domestic fundamentals."”
CNBC TV 18
“"A sustained decline from current levels could drag the Nifty towards the next support zone of 24,200–24,000."”
CNBC TV 18
Sources
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