The markets fail to recover from Tuesday's drubbing. The expected bounceback came in, but it was sadly short-lived. The market opened the pre-expiry session in the green, but soon lost ground.
Capital goods and banking stocks remained active on sellers' radar. Heavyweight Reliance Industries too added pressure in the late trade again.
The 30-share BSE Sensex fell 86 points, to close at 18,432 and the 50-share NSE Nifty declined 28 points, to end at 5,547.
Maintaining a bearish outlook, Devangshu Datta, Consulting Editor, Outlook warns that the market may fall further. He explains that the Nifty has hit 5705, which makes a pattern of declining tops and the supports between 5450 and 5550 are important. However, if the market breaks at lower end of the range then it may tank to 5200 again for sure. Also watch the accompanying video.
Dilip Bhat, Joint MD, Prabhudas Lilladher too believes that the lethal blow that the market received yesterday will have its lingering affect for some more time.
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