Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty declined to end lower on Sept 22 for the fourth consecutive day after swinging between gains and losses. At close, Nifty was down 0.34% or 68.1 points at 19674.3. Volumes on the NSE continued to be on the lower side. Smallcap index ended marginally in the positive even as the advance decline ratio improved to 0.99:1.
Global shares sagged and U.S. yields climbed multi-year highs on Friday after a week packed with central bank meetings signalled that the U.S. Federal Reserve's interest rates would stay higher for longer. The mounting risk of a U.S. government shutdown in just 10 days was also being watched by markets. The Bank of Japan (BOJ) on Friday stuck to an ultra-easy monetary policy and made no changes to its outlook. Equity funds globally had outflows of $16.9 billion in the week through Sept. 20, according to EPFR Global data.
Nifty fell on Sept 22 but showed signs of near term bottom formation. On weekly charts, Nifty fell 2.57%, the sharpest fall since week ended Feb 20, 2023. A fall below 19645 could take the Nifty to 19460-19480 band while on rises, Nifty could face resistance at 19849 for the near term.