By Ajit Mishra

Markets plunged sharply lower in the passing week and ended the 3-month long consolidation phase. All sectors felt the heat wherein metal, realty and financials were among the top losers. The broader indices too witnessed pressure and lost in the range of 2%-3%. 

Apart from the domestic factors, continuous weakness on the global front is weighing on the sentiment. Among the major markets, the US markets have been declining for the last 3 months and there is no sign of reversal yet. Though the existence of support around 32,500 may prompt some rebound, sustainability seems difficult to multiple hurdles around the 33,200-33,500 zone. On the flip side, 31,600 would be the next major support, in case of a breakdown. 

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