Business · India Bureau
Nifty poised for longest weekly losing streak in over two decades
India's benchmark NSE Nifty index is tracking towards its ninth consecutive weekly decline, potentially marking its most prolonged losing streak since April 2001. Market watchers are closely monitoring the psychological 22,000-level as a potential support zone.
LSN India ·
The NSE Nifty index appears set to extend its weekly losses to nine consecutive weeks, a significant milestone that would represent the longest such streak for the bellwether index in more than two decades, according to market data analysis.
If the downtrend persists through the current week, the index would surpass its previous extended losing period from April 2001, signalling a prolonged period of weakness in India's equity markets. The sustained decline has prompted investors and fund managers to reassess their positions across the benchmark.
Technical analysts have identified the 22,000-mark as a critical support level, where buyers may step in to arrest further declines. This psychological threshold has drawn attention from market participants seeking to gauge the index's floor in the near term. The level assumes importance given the index's extended selling pressure.
Market observers continue to monitor macroeconomic indicators and global market movements for clues on whether the selling pressure will relent. The prolonged weakness underscores the challenges facing domestic equities amid various headwinds affecting investor sentiment.