Indian stock market witnessed a carnage in the first week of October amid selling pressure across the board on weak global cues. The benchmark indices, Sensex and Nifty 50, plunged around 4.5% each last week, recording their worst week in two years.On Friday, the Sensex tumbled 808.65 points, or 0.98%, to close at 81,688.45, while the Nifty 50 settled 235.50 points, or 0.93%, lower at 25,014.60.Bank Nifty index cracked 383.15 points, or 0.74%, to close at 51,462.05 on Friday, forming a bearish candlestick pattern.“Bank Nifty has taken support from its 20 EMA (Exponential Moving Average) at 51,300 levels. A bounce from the present levels is likely to come, which again is short-lived. All the momentum indicators are in the oversold region, which can also be a reason for a small bounce from present levels,” said Rahul Ghose, CEO of Hedged.in.Also Read | Nifty 50, Sensex on October 7: What to expect in trade todayOn a weekly chart, the Bank Nifty index has closed well below the…
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