New Delhi: Things were rolling along fine for the markets until the FED meeting. Thursday, saw US markets fall as thoughts of an impending recession hit the markets overseas. Our markets too got worried and we had a sharp fall on Friday, followed by another fall in the US.

Probably, we could see the week beginning on Monday, the 5th of August, opening with a downward bias.

Markets saw yet again a series of new highs being made on the BSE Sensex and Nifty. The new intraday high on BSE Sensex was 82,129.49 points while the closing high was at 81,867.55 points. Similar levels on the Nifty were at 25,078.30 points and 25,010.90 points.

Friday was a sea of blood and markets fell across the board. The week ended with BSE Sensex losing 350.77 points or 0.43 per cent to close at 80,981.95 points while Nifty lost 116.65 points or 0.47 per cent to close at 24,717.70 points.

The broader markets saw BSE100, BSE200 and BSE500 lose 0.37 per cent, 0.17 per cent and 0.13 per cent respectively. BSE midcap lost 0.07 per cent but BSE smallcap was up 0.62 per cent.

Markets gained on the first four days of the week and lost on Friday. This incidentally also brought to an end the weekly gains which the markets achieved for the previous eight weeks in a row. Incidentally, 8 is a Fibonacci number and has great relevance in technical analysis.