The selling pressure was clearly visible across the board with sectors like Pvt banks, PSU, Media, Pharma and real estate losing as much as 2% by closing hours.
The selling pressure spanned to Broader indices while already bleeding space such as Midcap, Small Cap, and Energy joined the wagon shredding a percent.
Technically, This is a typical noisy market in the near term and has all the characteristics of the same. Gaps, up and Down, indecisiveness, #Dojiformations. Not to mention, the day of expiry of a contract. All this was added as it was an opportunity for writers to jump in and eat the premiums. This may be in place for a while as the market tries to pull itself out for a directional play based on a change in consensus. One must understand it is not an opportunity for going long aggressively but also not on the short side as supports, very important, are just a few points away.
Nifty must close below 9950 for the continuation of the trend while any bounce from these levels will be swift and fast. We remain cautious and sidelined. A change instance will only be either on a breach of 9950 or 10200.