Markets action for the Week

Markets action for the Week

The BSE Sensex corrected 549.49 points to close at 49,034.67 though managed to hold on to 49,000-mark while the Nifty50 declined 161.90 points to 14,433.70 and formed a bearish candle on the daily charts as closing was lower than opening levels. The index gained 0.6 percent for the week and formed a Doji kind of pattern on the weekly scale as the closing was near its opening levels.

The sharp decline of Friday seems to be a one day drop in the market as per the symmetrical chart pattern of daily and we expect Nifty to show upside bounce to retest the new high of 14,653 in the next week. On the flip side, a sharp follow-through weakness in the next 1-2 sessions is expected to negate this pattern. Immediate support is placed at 14,350

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