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The global sell-off rout continued to weigh on the Indian equity market, keeping them in negative trajectory for an extended period of time. It decisively breached downward from the most important support level in the last closing session.
Both Sensex and Nifty declined about 14 percent each from their earlier peaks on account of this current global sell-off and partly driven by looming concerns in NBFC sector.
In the wake of a market rout, the Nifty index failed to hold 10,100 support levels which remained crucial for the index and slipped to touch a 7-month low of 10,004 levels.A retest of the crucial support placed around 10,000 indicates negative market sentiment. The index declined about 2.7 percent on weekly basis to close at 10,030 levels on Friday.
The drag during the week primarily came from Nifty IT and pharma which were down 5.7 percent and 5.5 percent, respectively. The Nifty realty was the only gainer, up by about 0.5 percent during a week.
The index continued to form a solid bearish candlestick pattern both on weekly as well as on the daily price as it slipped from important support level.
The weekly RSI on the chart stood at 32 levels, while the MACD continued to trade below its signal line. It continues to trade below its crucial moving average, the upper resistance is seen at 10400 levels with next crucial support at 9950 levels.
A weakness in the market is expected to be persistent on the backdrop of negative sentiment globally coupled with constant domestic turmoil on account of liquidity crisis in the financial sectors and nominal earnings growth in Q2FY18 so far.
However, as long as it holds 9,950 levels on closing basis, a marginal pullback is likely in the coming series but it might be capped at 10,400 levels.
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