New Delhi, Feb 16 : The market outlook for next week will be guided by the purchasing managers index (PMI), trade deficit and global economic data, according to the experts.

Moreover, the Reserve Bank of India will release minutes of the last Monetary Policy Committee meeting.

Investors remain cautious due to the weakness in the rupee against the dollar.

The Indian stock market fell for the eighth consecutive day in Friday's trading session. The market witnessed a huge decline for the first time in the last two years. The Nifty 50 index fell 102.15 points or 0.44 per cent to 22,929.25 and the Sensex fell 199.76 points or 0.26 per cent to close at 75,939.21.

Nifty fell 2.8 per cent in the trading session from February 10 to 14 and it was the worst week of this year in terms of decline. Nifty Realty Index led this decline and slipped more than 9 per cent in the week. At the same time, the Nifty Oil and Gas Index fell by 6 per cent.

Apart from this, the Nifty Midcap 150 index has seen the biggest decline so far after COVID-19.

Meanwhile, the Nifty Smallcap 250 index slipped 9.5 per cent during the week, the biggest decline after COVID-19.

The broader market sentiment remained weak as global concerns, including US President Donald Trump's plans to impose reciprocal tariffs, weighed on investor sentiment.

The benchmark Nifty 50 formed a red candle on both daily and weekly charts, signalling a lack of strength in the upside recovery, according to Hrishikesh Yedve, Assistant Vice President of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd.

"The 21-Day Simple Moving Average is placed around 23,260, making the 23,260-23,300 zone an immediate hurdle. A decisive move above 23,300 could confirm a near-term bottom reversal pattern," Yedve added.

Institutional activity data reflected net FII outflows of Rs 19,004 crore in the cash segment, partially offset by strong DII inflows of Rs 18,745 crore, providing some support to the market.

Apart from domestic data, global data also affects the market movement. Next week, investors will be eyeing US Fed minutes, US jobless claim data, and manufacturing and service PMI data.

Puneet Singhania, Director, of Master Trust Group said, "Bank Nifty closed in the red this week, falling 2.11% and forming a negative candle on the weekly chart. Prices are trading below the 21-day and 55-day EMAs, indicating weakness."

"Strong resistance is at 49,650, and a breakout above this level may push it toward 50,200. On the downside, support is at 48,700, this week's low, and breaking below it could increase selling pressure toward 48,000," he added.

/IANS