Even though both the US and domestic inflation print came in softer, investors were worried after the Fed minutes hinted at a mild recession this year. Amid such a sentiment, Indian equities started the session on a sluggish note but managed to end in the green. Nifty at the close-ended above 17,800 points. Markets remained shut on Friday due to Ambedkar Jayanti.
“Nifty rallied for the third straight week, and during the process, it also retained a series of ascending tops and bottoms for the 9th session. Nifty retraced almost 50% of the previous decline, which occurred off its record high. The appearance of multiple indecisive candles could lead to minor consolidation to digest recent up move, however shifting base higher levels of 17600 to act as immediate support,” Amit Trivedi, CMT, Technical Analyst – Institutional Equities, YES Securities, said.
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