The Indian stock market fell for the eighth consecutive day in Friday’s trading session. The market witnessed a huge decline for the first time in the last two years. Nifty fell 2.8 per cent in the trading session from February 10 to 14 and it was the worst week of this year in terms of decline. Investors will be eyeing US Fed minutes, US jobless claim data, and manufacturing and service PMI data next week. The Reserve Bank of India will release minutes of the last Monetary Policy Committee meeting. The benchmark Nifty 50 formed a red candle on both daily and weekly charts, signalling a lack of strength in the upside recovery, according to Hrishikesh Yedve, Assistant Vice President of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd. The 21-Day Simple Moving Average is placed around 23,260, making the 23, 260-23,300 zone an immediate hurdle. A decisive move above 23,300 could confirm a near-term bottom reversal pattern, he added. The broader market sentiment remained weak as global concerns, including US President Donald Trump’s plans to impose reciprocal tariffs, weighed on investor sentiment.
