On Account of the intensified selling pressure in the broader market, the benchmark indices declined to near their previous swing low.

After a volatile week, Nifty formed an inside bar last week as it traded within the previous week’s range. It traded in the range of 489 points, formed a long upper shadow candle and resembled a shooting star candlestick pattern

Rising inflation concerns and the World Bank’s cuts about India’s GDP growth forecast dented the market sentiment while the disappointing earnings by heavyweights like Infosys and HDFC Bank added fuel to fire, which resulted into intensified profit booking.

Over the past fortnight, the relentless march of benchmark index Nifty 50 off its 200 DMA surpassed yet another barrier

The past fortnight has seen the markets, both global and domestic, under a massive, short squeeze which propelled the indexes higher with the markets recovering the bulk of losses that have been suffered in the recent past.