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Indian market extended breather over a second consecutive week

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Equity benchmarks recouped intra-week losses and concluded the week on a positive note at the level of 11464 points up by 1.2 percent.

The broader market extended breather over the second consecutive week as Nifty Midcap, Small cap lost one and 0.5 percent. IT, energy sectors outshone while banks and metal sectors underperformed during the week.

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Experts expect Nifty to extend the ongoing consolidation of 11100 to 11500 points amid stock-specific action as over the past ten sessions index retraced 80 percent of the preceding 10 sessions up move by 11111 to 11794 points. It is being believed that Nifty has stiff resistance in the range of 11500 to11550 points.

Since May month lows, the Bank Nifty index has not extended an intermediate corrective phase for more than nine consecutive sessions. In the current scenario, the Bank Nifty index has taken a breather after nine consecutive sessions decline of 25233 to 22080 points.

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According to market experts, the broader market has undergone healthy consolidation, thus any cool off from hereon should not be construed as negative, instead, it should be capitalized to accumulate quality midcap and small caps which offers fresh entry opportunity with favourable risk-reward.

Meanwhile, the Brent Crude prices were lower at US$39.9 per barrel as compared to previous week's closing price of US$42.6 per barrel and Gold prices ended higher at $1954 per ounce as compared to previous week's closing price of $1938 per ounce.

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