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Experts on week’s trading sessions

Sensex and Nifty ended the week’s last trading session in the red. S&P BSE Sensex closed 202 points lower at 47,878 while the Nifty 50 ended at 14,341. Falling, on three out of four trading sessions this week, Sensex and Nifty closed the week down 2% each. On Friday, NTPC, Power Grid, and IndusInd Bank were the top index gainers. Mahindra & Mahindra, Dr Reddy’s, and ICICI Bank were among the top laggards. Bank Nifty ended in the red while the Nifty PSU Bank index closed with gains.
Looking at broader markets, analysts at Angel Broking said that Bank Nifty is likely to remain a major laggard till the time it does not reclaim 32,500 – 33,000. They added that the positioning of the NIFTY Midcap 50 index is completely overlooked by the market participants as the weekly charts show a ‘Lower Top Lower Bottom’ for the first time in this entire marathon rally started last April. These factors, according to Angel Broking, do not bode well for the bulls and hence, one should continue to remain light on positions.

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