Is a deeper market correction on cards? Here's what technical charts say

Pharma stocks provide a good hedge as the markets slip from recent highs. For the Sensex, 32,400 level remains key

Benchmark indices are trading with over 2 per cent cut on Friday, tracking a mammoth plunge on the Wall Street and weakness in Asian markets. The past few sessions have seen the indices slip from their recent high of over 10,000 levels on the Nifty50 as negative news flow and global cues triggered a bout of profit booking at higher levels.

Is there more pain in store for the markets? Here is what charts indicate.

S&P BSE SENSEX: After crossing the 200-weekly moving average (WMA) at 34,200, the index is unable to maintain follow-up buying. Going forward, if