The equity benchmark indices opened gap down for the third consecutive session weakened by negative global cues. All the sectoral indices are trading in the red with oil & gas and FMCG down 1 percent each.
At 12 PM, the Sensex was down 235.56 points or 0.36 percent at 65,393.68, and the Nifty was down 85.50 points or 0.44 percent at 19,539.20. About 1,398 shares advanced, 1,675 shares declined and 101 shares unchanged.
Options data suggests that call writers are dominant for the day with heavy call writing at 19,600 and 19,700 strike. As per analysts at Prabhudas Lilladher, "Nifty once again failed to move past the resistance level of 19,850 zone yesterday and has slipped in with heavy profit booking witness to slide below the 19,600 zone with bias turning weak and sentiment maintained with a cautious approach. Technically, once again as mentioned earlier, the index would have the near-term support zone of 19,600 levels of the significant 50-EMA zone breaching which one can anticipate for intensified selling pressure with the next major support visible near 19,200 zone. The support for the day is seen at 19,500 levels while the resistance is seen at 19,800 levels."
Among individual stocks IGL, MGL and Mphasis saw a bearish set up.
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