Amid weak global cues, the Indian markets concluded Friday’s session on a lower note, as Sensex and Nifty50 witnessed heavy selling pressure and each was down by over 1.5 per cent.
Indian market is facing relentless selling by FIIs that is also hurting the sentiments while rising worries of a new variant is another cause of concern for the markets, Nyati said.
Meanwhile, other global central banks are also sounding hawkish which is causing risk-off sentiments in the equity markets across the world.
If the index falls below the said levels, Nifty may head towards the 16700-16400 zone which is a crucial demand zone, he further said.
The Asian indices were trading lower amid rising cases of Covid new variant Omicron.
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