The benchmark Nifty 50 last week failed to sustain after entering into higher range post four months of consolidation. Crude oil prices spiked to $66 (+7%) on Opec-led supply cuts and higher than expected cut by Saudi Arabia. Oil marketing companies like HPCL, ONGC, IOC lost 6% each on lower than expected results and rise in the crude price. Last week, observation of selling at higher levels in Nifty due to the formation of high wave candle turned out to reality. For the week, stock markets would look at global trends, movement of crude oil and the rupee to derive cues for further movement.

Source: dna February 17, 2019 23:48 UTC