The 50-share NSE Nifty tanked 131 points or 2.37%, to settle at 5,395.75. Again for the second consecutive day, the Indian markets behave opposite to the global markets. Majority of the global indices closed the last day of the week in green. Higher interest rates, expected decline in growth of the manufacturing sector are causing concerns for the investors. The market in the yesterday's trade closed below 5,400, with bearish engulfing candle formation, indicates likely downside. Reiterating, the next level to watch out for is 5,300, if the Nifty slips below this level, we could see further downside. Traders are recommended to be cautious.
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