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The short-term trend of Nifty seems to have reversed from the highs, but the near-term trend status of the market remains range-bound around 12,000-11,650 levels, says Nagaraj Shetti of HDFC Securities.

October 27, 2020 / 07:54 PM IST

The market started off the week on a negative note on October 26 as the benchmark indices as well as broader markets corrected more than 1 percent amid weak global cues, rising coronavirus infections in the United States and Europe, and delay in US stimulus package.

The Nifty Metal and Auto corrected the most, down 3.5 percent and 3.2 percent respectively, while Bank, IT and Pharma were down 1-1.65 percent.

The BSE Sensex plunged 540 points or 1.33 percent to close at 40,145.50, while the Nifty50 fell 162.60 points or 1.36 percent to 11,767.80 and formed a large bearish candle on the daily charts.

"A long bear candle was formed with minor lower shadow. Technically, this pattern reiterates a presence of key overhead resistance around 12,000 mark, but the market has managed to close above the immediate support of 20 period EMA at 11,736," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.