The Indian market opened lower, in line with largely negative Asian cues and mixed US markets. All sectoral indices were trading in the red, with auto and metal down a percent each.
"The Nifty has been finding support near its 50 days EMA for the last three consecutive sessions. Any level above 19,767 would confirm the bullish trend reversal, while the level below 19,492 would resume the downtrend in the Nifty," HDFC Securities said.
At 10 am, the Sensex was down 465.18 points or 0.71 percent at 65,363.23, and the Nifty was down 153.60 points or 0.78 percent at 19,484.70. About 1,450 shares advanced, 1,518 declined and 138 shares unchanged.
The options data suggested call writers were dominant for the day, with 19,600 strike forming a crucial resistance.
As per Axis Securities, "The chart pattern suggests that if Nifty crosses and sustains above 19,750 level, it would witness buying leading the index towards 19,900-20,000 levels. While if the index breaks below 19,500 level, it would witness selling taking the index towards 19,400 -19,200".
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Among individual stocks, auto stocks EicherMotors, Maruti and Tata Motors saw a bearish build-up, while Vedanta and Marico saw a bullish set-up.
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