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Nifty shed all its gains in late morning trades and remained range bound for the rest of the session. Nifty finished at 23533, marking the lowest closing since June 21, falling 26 points and forming a Gravestone Doji type candlestick pattern on the daily charts, indicating bearish sentiment.

Nifty lost 2.55 percent during the holiday shortened week, forming a long bearish candlestick pattern with a small upper shadow on the weekly chart. It extended its weakness for the second consecutive session, losing 10.4 percent from the record high of 26277 on September 27.

After initial volatility, Nifty rebounded to 23676, the day’s high, but was unable to sustain those gains for long.

Benchmark indices extended their ongoing correction phase for a sixth straight session, with the Nifty ending below 23550 amid selling seen in the FMCG, PSU Bank, oil & gas names.

After a flat start, Market traded positive for the first couple of hours but selling at higher level again erased the intraday gains to drag the Nifty below 23500. However, buying in realty, auto and media names helped the index to close above 23500 amid volatility.

Market will remain shut on Friday, November 15, on account of Guru Nanak Jayanti

Domestic market experienced a lacklustre trading, but some stability was observed throughout from the low of the day. Sustainability of this trend remains uncertain as FIIs continue to be on the selling side. But on a positive note the degree of selling is reducing. Asian markets too displayed mixed sentiments as investors evaluate potential risk due to a likely change in the US policy with trade barriers.

Nifty’s pause was largely anticipated after retesting its major support level at the 200 day exponential moving average (DEMA). Advise monitoring leveraged positions closely at this point. With major earnings now behind us, it’s crucial to focus on the performance of the IT and banking sectors for further cues.

Nifty extended its downtrend and sustained a lower lows formation for the sixth consecutive session, closing slightly below the 200 day Exponential Moving Average (DEMA) of 23542 with moderate losses.

If the Nifty breaks below the 200 day EMA, selling pressure could intensify. “Nifty has support at 23450, with resistance expected at 23650, framing the short term trading range”.

Considering the prolonged weakness, Index may reach its second target of the Head and Shoulders pattern (23200) if it falls sharply below the 200 DEMA in the upcoming sessions. Upside, 23800 may act as an immediate resistance.

Sector Wise :- FMCG, power, PSU Bank and oil & gas shed 0.3-1 percent, while auto, media, realty rose between 0.6-2 percent.