Nifty gains for third consecutive week

MUMBAI: On the weekly charts, Nifty rose 0.84 per cent, up for the third consecutive week, said Deepak Jasani, Head of Retail Research, HDFC Securities.

Nifty formed a high wave formation on weekly charts, suggesting volatile times ahead. A breach of this week’s low of 22304 could denote a change in trend to down. Nifty could remain in the 22453-22619 band over the near term, he said.

Nifty recovered from early morning weakness and closed flat on Friday. At close, the Nifty was down 0.9 points at 22513.7. Cash market volumes on the NSE fell to Rs 0.84 lakh crore from Rs 1.14 lakh crore in the previous session. Broad market indices closed mildly in the positive even as the advance-decline ratio remained stable at 1.6:1.

Global equities mostly declined on Friday as investors looked to a key US jobs report due later in the day to judge the health of the US economy and see what the US Fed might do on interest rates. Fears of an escalation in the Middle East sent oil prices soaring to 5-month highs and dented sentiments, he said.

The Monetary Policy Committee (MPC) of the RBI voted 5-1 to keep the policy repo rate unchanged at 6.5 per cent on Friday, maintaining status quo for the seventh time, he said.