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B. Krishnakumar

AFTER firm start to the week, the American markets tended to wilt down on Wednesday and Thursday. The S&P 500 and Nasdaq Composite Index managed to stage some sort of recovery on Friday while the Dow Jones Industrial Average ended weak.

For the just concluded week, the Dow Jones Industrial Average declined by 1.4 per cent while the broad based S&P 500 dropped 2.4 per cent. The tech-weighted Nasdaq Composite Index posted a net decline of 0.3 per cent for the week.

As expected, the Nasdaq Composite Index staged a short -term rally, which took it to the resistance level at 1340-1360 that was mentioned last week. After touching a high of 1347, the index turned weak on Wednesday.

The overall outlook for the Nasdaq Composite Index continues to remain bearish. Only a move past 1430 would negate the weak outlook. (Note: The opinion expressed in this column is based on the technical analysis of the past price behaviour. There is a risk of loss in trading)

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