Broader markets also cooled off on two out of four trading sessions. Launch of CPSE ETF which is expected to mop up over 5000 Crores for government also led shrinking of volumes in secondary equity segment.

The 30 share S&P BSE Sensex declined 56 points or 0.26% to close at 21753, while the NSE Nifty settled at 6493, down 11 points or 0.17%.

Amid Nifty constituents, Maruti Suzuki, Tata Steel, Hindalco and Wipro were top gainers while L&T, M&M, GAIL, and ONGC were top draggers.

Price action during the week created a small range bear candle reflecting hesitance near 6550 levels after strong gains during first week of March. Over past two weeks index has been in a narrow trading range which is seen as a breather or a counter trend correction within an up trend. However, shallow and time consuming declines maintains a positive bias.

Earlier, the break out from the four month trading range (6350-6000) during first week of March signalled medium term target towards 6700 for Nifty index.

The index has been oscillating in a narrow range of 6430-6560 over past two weeks. Only a sustained close above 6560 would signal resumption of upward momentum towards medium term target of 6700.

On the flip side, the 6430 levels serve as an immediate support for index. Only a sustained breach below 6430 would cool off the positive momentum and lead the index towards key support of 6350-6300 levels.

Important economic events releases in the US for the next week apart from the housing and jobs data are the Markit US Manufacturing, Services and Composite PMI, Consumer Confidence Index, Durable goods orders, GDP and personal income, spending and consumption data.
From the Eurozone, important releases would be the PPI, Markit Eurozone Manufacturing, Services and Composite PMI, Business Confidence, Current Account Balance, unemployment rate, retail sales, property prices, Consumer Confidence and CPI data.