The market extended losses for the second consecutive session but showed a smart recovery from the day's low, and held the psychological 18,000 mark on the Nifty50 on November 3. The fall in global peers after Federal Reserve increased interest rate by 75 bps weighed on the market sentiment.
The BSE Sensex declined 70 points to 60,836, while the Nifty50 fell 30 points to 18,053 and formed a bullish candle on the daily charts as the index showed a smart recovery from the day's low and closed higher than opening levels.
"The positive sequence like minor degree higher tops and bottoms continued in the market and Nifty is currently in an attempt of forming a higher bottom at the lows," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
He expects the choppy movement to continue in the next 1 or 2 sessions before showing an upside bounce from the lows. Immediate support is placed around 17,950-17,900 levels, the market expert said.