MUMBAI, July 12: The Indian stock market closed the week on a negative note, with Nifty extending its losing streak for the third consecutive session on Friday.
Both the Nifty and Bank Nifty ended in the red, dragged down by weakness in IT stocks following Tata Consultancy Services’ (TCS) Q1 earnings and renewed concerns over global trade disruptions sparked by fresh tariff jitters from the US President.
The Nifty 50 closed at 25,149.85, down 0.81 per cent in the final session of the week. This week, the index declined 1.22 per cent, breaching crucial support levels in the process.
Prices are now approaching the key Fibonacci support zone near 25,000, where a potential reversal could be anticipated, given that the overall bullish trend remains intact.
However, near-term sentiment appears weak. The Relative Strength Index (RSI) for Nifty currently stands at 48.75, trending downward, suggesting the need for caution.Meanwhile, the Bank Nifty index ended the week at 56,754.70, registering a 0.49 per cent decline from the previous week.
The weekly chart showed rejection at higher levels, with the index failing to sustain above the crucial 57,000 mark.Traders are advised to remain cautious, consider a sell-on-rise approach. (IANS)
