WEEK AHEAD

Indian markets remained bearish for the the second consecutive week ended May 13 as the benchmark share indices lost nearly 4 percent. Persistent worries over rising inflation, possibility of further rate hikes by global central bank, China lockdown and weakening rupee kept the investors on the edge.

During the last week, BSE Sensex declined 2,041.96 points (3.72 percent) to close at 52,793.62, while the Nifty50 shed 629.05 points (3.83 percent) to end at 15,782.20 levels. However, in the month of May Sensex and Nifty have lost more than 7 percent each.

Technically On Friday, Nifty index opened positive and moved in the upward direction for the first half of the session and crossed its previous day's high. However it failed to hold at higher zones and slipped to 15740 in the latter part of the day.

It formed a Bearish candle on daily and weekly frame and has been making lower highs from the last five consecutive weeks.

"Now till it holds below 16000 zones, bounces could be sold for the downside move towards 15650 and 15500 zones whereas hurdles are placed at 16161 and 16350 zones.

Option data suggests a wider trading range between 15500 to 16300 zones due to higher volatility.