Indian Stocks Fall on Valuation Worries; Global Markets Also Decline Over Rate Hike Concerns
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Indian benchmark indices closed lower on Friday, led by losses in small- and mid-caps. Concerns over valuations and liquidity risks weighed.
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Analysts say immediate Nifty support is at 21,900. Break below could lead to sharp fall, while resistance is at 22,200-22,250 range.
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US stocks fell for second straight week on worries that Fed may not cut rates soon. European shares also declined on similar concerns.
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Nifty formed a small negative candle on Friday and a bearish pattern weekly. The trend remains weak, a move below 21,900 may trigger a fall to 21,500.
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Market breadth was negative as bears outpaced bulls. Stocks showing weakness outnumbered ones with strength.