On Wednesday, the benchmark indices witnessed a sharp intraday correction, the nifty ended 189 points lower while the Sensex was down by 636 points.
Among Sectors, all the major sectoral indices were traded in the red but the Metal and Reality index lost the most, shedding over 2 percent. Technically, after the early morning selloff the index held a weak momentum throughout the day.
Long bearish candle on daily charts and a double top formation on intraday charts indicating further weakness from the current levels. for the traders now, as long as the index is trading below the 18200/61200 level the correction wave is likely to continue below the same, the market could slip till 17950-17900/60400-60200.
On the flip side, a fresh uptrend rally is possible only after 18200/61200 above the same, the index could move up to 18300-18335/61500-61600.