Indian equity markets extended their losing streak to a sixth consecutive session on Tuesday, August 18, with the benchmark NSE Nifty50 settling 132.75 points, or 0.55%, lower at 24,154.90. Elevated oil prices, higher global bond yields and weak overseas cues outweighed otherwise supportive domestic fundamentals.
The Nifty remained under pressure through most of the session after opening lower, with every recovery attempt met with fresh selling. From a technical perspective, analysts suggest that the overall sentiment could favour the bears as the index continues to lose bullish momentum. On the downside, the fall could extend towards the 24,050-24,000 zone, where initial support is likely to emerge. On the upside, resistance is seen at 24,240.
