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The market lost ground to bears, after witnessing a significant pullback for five consecutive weeks, weighed down by weak global cues and anticipated volatility ahead of upcoming political events. The Nifty continued its downward spiral for three consecutive sessions after a crucial break out about 10,650 levels.
The index halted its upward trend and failed to breach its resistance placed at 10,810 levels. It closed the May 4 week on a weak note, down 61 points at 10,618 levels. Doing so, it slipped below its crucial level of 10,650, indicating weak sentiment.
Although there was no significant pattern formation on its price chart in the backdrop of rangebound trade, it relatively formed a bearish candlestick pattern on the weekly chart. The relative strength index (RSI) on the weekly chart stood at 57 which signalled a neutral stance with no divergence against the price. The weekly moving average convergence divergence (MACD) remained bearish as it traded below the signal line, but with a potential crossover.
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