It was a tough week for the investor on Dalal Street. On Friday, Sensex and Nifty ended in the red for the sixth consecutive day. The benchmark index Sensex closed at 51,360, while Nifty50 fell below the 15,300 mark.
Logging their worst week in nearly two years, Sensex fell around 5.19 per cent, whereas Nifty50 dropped 5.36 per cent in the last five sessions.
“It was a devastating week for the bulls on the D-Street wherein the domestic markets suffered severe loss amid the global cues. The week started off with a downside gap for the Nifty spot, and it remained under pressure throughout the week,” said Mehul Kothari – AVP, Technical Research, Anand Rathi Shares & Stock Brokers.
He said that the selloff aggravated after the US Fed announced a rate hike of 0.75 bps. As a result, Nifty not only breached the low of 15,670 decisively but also sneaked below 15,200 mark. Eventually, the index lost around 1,000 points during the week and ended with a cut of over 5.5%.
On the other hand, the Nifty Bank index outperformed by cracking just around 5% and is showing relative strength since the low of 32,000 is still not broken. For the coming week, 32,000 would be crucial support for the index. A daily close below the same might bring in further pessimism and will open doors for 31,000/ 30,500 levels. A sustainable move above 33,000 would reinforce the bulls to display a sharp pullback rally in the markets,” Kothari added.
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