Indian benchmark indices slumped over 1.5 percent on Friday, thereby ending the week on a negative note while the US markets also registered a weekly loss.
Nifty patterns on multiple time frames show; it successfully closed below the 30 weekly EMA placed around 10,290 and is approaching towards 200 daily EMA placed around 10,100. Further, Nifty broader trading range for the coming week is expected to be 10,110-10,340, according to a report by Stewart & Mackertich Wealth Management Ltd.
Indian Markets: Nifty, Sensex end 0.3% lower
The Indian benchmark indices including the Sensex and the Nifty ended the last day of the week in control of the bears as the indices plunged over 1.5 percent each.
The Sensex lost more than 500 points as investors turned cautious amid global trade war concerns, and political uncertainties after the Telugu Desam Party formally pulled out of NDA government.
All sectoral indices closed in the red as Nifty Bank, Auto, FMCG, Metal, Pharma and Realty indices were down between 1 percent and 2 percent while technology stocks saw buying interest towards the end that helped the IT index to minimise loss to half a percent.
For the week, Sensex was down 0.5 percent and Nifty shed 0.4 percent. Nifty Bank lost 0.8 percent during the week.
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