Will Friday's gap-down lead to more losses for Sensex, Nifty going ahead?

The 'Island Reversal' pattern formed by Sensex, Nifty, and Nifty PSU Bank index usually indicates a strong reversal in trend

The Indian markets performed in line with peers on Friday amid a global equity market rout, and later extended the fall to over 2 per cent in intra-day trade, with the S&P BSE Sensex sinking over 1,300 points while the Nifty50 tumbled over 350 points.

A rise in commodity prices has fanned inflation risks, pushing bond yields higher. That apart, reports that the United States launched airstrikes in Syria on Thursday, targeting facilities near the Iraqi border further dented global mood. READ MORE

From a technical viewpoint, the kind of gap pattern registered by the Sensex, Nifty, as well