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Nifty ends week above 23,072 as selling pressure keeps risk elevated

The index fell 205.9 points, or 0.9%, extending a seven week losing streak as volumes stayed subdued and technical momentum weakened.

Reported · Written up by our desk · Indices

Nifty ended the week closing above the 23,072 level after slipping below it during the week, according to LiveMint Markets. The index marked a fresh swing low of 23,021 after falling below the June low.

LiveMint Markets reported that Nifty declined by 205.9 points, or 0.88%, extending its losing streak to seven consecutive weeks, the first such stretch since the COVID-19 led market fall. Trading volumes were described as subdued versus recent weeks, and the index continued to trade below all major short and long term moving averages.

The outlet also said the technical structure remains weak, with Nifty forming a sequence of lower highs and lower lows, and repeatedly failing to sustain closes above the prior session’s high. It flagged the 23,072 zone as an important support for coming sessions.

In the near term, a decline could pause if the index manages to close above Friday’s high of 23,163, which LiveMint Markets said would be the first indication of a possible shift in momentum, though the full outlook was cut off in the provided text.

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