Sensex may test 57,000-odd levels by year end, Fibonacci charts show

The BSE index declined 5.3 per cent from its recent peak of 62,245 to a low of 59,105 in intra-day trades on Friday

Following Thursday's heavy sell-off, the BSE Sensex on Friday morning extended the fall to a low of 59,104 amid valuations concerns and persistent selling by foreign funds. In the process, the BSE index broke its crucial support on the quarterly Fibonacci charts.

As per the quarterly Fibonacci charts, the BSE benchmark index can now slide towards 57,250-55,850 odd levels by the end of December 2021. On the upside, the Sensex is likely to face considerable resistance around the 61,000-level, with upside likely to be capped around 62,400-odd levels for the rest of the year.

As per the yearly