After rising for two consective days, the stock market ended Wednesday's (November 9) volatile session with moderate losses. Metal, pharma, select IT and auto stocks were under pressure.
The BSE Sensex fell 152 points to 61,033, while the Nifty50 declined 46 points to settle at 18,157 and formed a bearish candle on the daily charts, taking support at 18,100 mark.
"The positive chart pattern like higher tops and bottoms continued on the daily timeframe chart and Wednesday's swing high of 18,296 could be considered as a new higher top of the sequence," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
Shetti feels there is a possibility of further consolidation or minor downward correction in the next 1-2 sessions before showing upside bounce again from the lows. Immediate support is placed at 17,950 levels.