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B. Krishnakumar

AFTER some positive market sentiment towards the beginning of the week, the trend turned bearish towards the close.

The flow of unimpressive economic data affected the sentiment on Friday. Reports indicated a slow down in the gross domestic product growth rate in the previous quarter.

Despite the drop on Friday, the key market indices managed to end the week on a positive note.

For the week, the Nasdaq Composite Index and the S&P 500 managed to close on a firm note while the Dow Jones Industrial Average had to contend with a marginal drop of 0.4 per cent. Both the Nasdaq Composite and S&P 500 posted a gain of 0.6 per cent each.

As anticipated last week, the Nasdaq Composite ruled firm and moved closer to the target zone of 1475-1500. After touching a high of 1468 on Wednesday, the index turned weak. Technically, the near-term outlook for the Nasdaq Composite Index appears slightly bearish. A drop to the 1375-1400 range appears likely.

The upward trend would resume once the expected short-term downtrend gets completed.

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