The Indian equity markets resumed their descent on Friday...

[RaahiShah]

After taking a breather for three days, the Indian equity markets resumed their descent on Friday, ending near day's low. Gap-down opening was followed by accelerated selling pressure, which saw the NSE Nifty hit an intra-day low of 5,197. Banking, Capital Goods, Realty and Power stocks were among the major laggards. The broader indices too witnessed some pressure. However, select Auto, Consumer Durables and Metals stocks bucked the negative trend.

Indian markets have now fallen for two successive weeks after it failed to surpass the resistance of 5260 on a closing basis. The falling gap appearing between 5260 and 5312 has been acting as a major pressure. On the daily charts, ‘hammer’ appearing on Wednesday has so far not touched the low of 5,169 , which raises a chances of the Nifty retesting levels of 5,260.

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