The market cracked heavily in late trades on the back of aggressive selling pressure in banking and select index heavyweights like Reliance Industries and ITC.
Banking shares in particular were a cropper, as they led the rally in morning deals, and were also the chief draggers at the end of the day.
The Sensex rallied past the weekly R-2 (29,940) to give a fresh buy signal, but by ending below its weekly closing has neutralised the impact.
As per the weekly Fibonacci charts, the BSE index may now drop towards 28,170-odd levels, which is the weekly S-1 (support).
As per the daily Fibonacci charts, the Sensex on Friday, is likely to seek support around 28,255-28,185-28,120, while on the upside may face resistance around 28,685-28,755-28,820.
The NSE Nifty has ended below the 50-DMA (Daily Moving Average) for the second time in the last five trading sessions.
The Nifty has some crucial support around the lower-end of the Bollinger Band on the daily charts at 8,560-odd level, below the doors for a steeper fall towards the 200-DMA at 8,150-odd level may open.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) is negative. The ADX (Average Directional Index) has also given a negative divergence. The 14-day RSI (Relative Strength Index) is in neutral mode, while the Stochastic Slow is marginally positive.
On Friday, the NSE Nifty may seek support around 8,570-8,545-8,530, while face resistance around 8,700-8,720-8,740.
The Bank Nifty may seek support around 18,570-18,495-18,420, while on the other hand face resistance around 19,055-19,130-19,205.
Banking shares in particular were a cropper, as they led the rally in morning deals, and were also the chief draggers at the end of the day.
The Sensex rallied past the weekly R-2 (29,940) to give a fresh buy signal, but by ending below its weekly closing has neutralised the impact.
As per the weekly Fibonacci charts, the BSE index may now drop towards 28,170-odd levels, which is the weekly S-1 (support).
As per the daily Fibonacci charts, the Sensex on Friday, is likely to seek support around 28,255-28,185-28,120, while on the upside may face resistance around 28,685-28,755-28,820.
The NSE Nifty has ended below the 50-DMA (Daily Moving Average) for the second time in the last five trading sessions.
The Nifty has some crucial support around the lower-end of the Bollinger Band on the daily charts at 8,560-odd level, below the doors for a steeper fall towards the 200-DMA at 8,150-odd level may open.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) is negative. The ADX (Average Directional Index) has also given a negative divergence. The 14-day RSI (Relative Strength Index) is in neutral mode, while the Stochastic Slow is marginally positive.
On Friday, the NSE Nifty may seek support around 8,570-8,545-8,530, while face resistance around 8,700-8,720-8,740.
The Bank Nifty may seek support around 18,570-18,495-18,420, while on the other hand face resistance around 19,055-19,130-19,205.