The Sensex continued its losing streak for the week. The Sensex lost for the first four days of the week before bouncing back on Friday. Finally, the Sensex and Nifty ended the week with drop of 3.23% and 3.4% respectively. The sell-off was clearly triggered by the higher than expected rate hike of 50 bps by the RBI.
Global markets were also weak and posted losses in the range of 2-2.5% for the week. With the earnings season coming to an end in the US, markets shifted focus on economic data points. The services and unemployment claims data came in worse than expected which spooked the markets.
The Reason for this Sustained selling drive by the foreign institutional investors (FII) and an aggressive interest rate hike by the Reserve Bank (RBI) coupled with worries over corporate profit pulled down the BSE benchmark Sensex by another 617 points during the week.
Metal , Realty , Auto , Banking , FMCG , Consumer Durable and PSU sectors were the major losers from the Sensex pack. All indices finished with sharp to moderate losses in the range of 5.11-1.43 per cent.
The NSE benchmark S&P CNX Nifty snapped its nine-session losing streak by gaining 91.60 points in early trade on Friday on renewed buying on easing of macroeconomic worries in view of a sharp fall in crude oil prices.
The Nifty futures closed and settled finally at 5555, down by 96.60 or -1.77 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5595 else below support level of 5415 it would be in a downward trend.
It has resistance close to the level of 5595 & above this level the next resistance near the 5730 mark. It has support close to the level of 5415 & below this level the next support near 5310 mark.
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