The BSE Auto index fell 1 percent, Bank Index down 0.9 percent and FMCG index was down 0.7 percent.
Analysts are of the view that the market sentiment may remain fragile for the coming days as investors may stay away from riskier equities, assessing how the second wave of COVID cases develops.
The Q2FY21, so far, witnessed robust numbers from IT, Pharma, Auto components, select banks, and cement sector companies.
Except auto, bank and FMCG other sectoral indices ended higher. BSE Midcap index gained 0.6 percent, while BSE Smallcap index ended flat.
According to pivot charts, the key support levels for the Nifty is placed at 11,603.47, followed by 11,536.13.
In the coming weekly expiry, it is mandatory for the Nifty to defend the level of 11580 otherwise, we could see a deep decline to 11400 or 11300 levels.
Mazhar Mohammad of Chartviewindia.in feels for the time being, the best trade for intraday traders can be to short by making use of rally in the zone of 11,720 – 11,745 levels.
Long buildup was seen in Godrej Properties, SRF and Berger Paints, while short buildup was seen in PFC, L&T and Escorts.
Markets may prefer a Trump victory (especially due to expectations of continuity in his administration’s tax reforms & fiscal expansion), and therefore we may see some volatility in the short term.
Except IT and energy, all other sectoral indices ended lower led by FMCG, pharma, metal and auto. BSE Samllcap index shed 0.5 percent.
According to pivot charts, the key support levels for the Nifty is placed at 11,633.13, followed by 11,536.67.
The Sensex plunged 600 points to 39,922.46 while the Nifty ended the day with a loss of 160 points at 11,729.60.
Mazhar Mohammad of Chartviewindia.in has asked traders to remain neutral on the long side.
The top losers on the Nifty were IndusInd Bank, HDFC, ICICI Bank, Tech Mahindra and Adani Ports while gainers were Bharti Airtel, UPL, M&M, Eicher Motors and Hero MotoCorp.
Banking & financials were leaders in fall as the Nifty Bank and Financial Service indices fell more than 2 percent each.
The immediate requisite for unlocking the directional momentum play would be a definitive close above 11,950-12,065 zone.
All the sectoral indices ended in the red. BSE Midcap and Smallcap indices shed 0.7-0.9 percent.
According to pivot charts, the key support levels for the Nifty is placed at 11,775.27, followed by 11,661.13.
Forecast of higher FII inflows to India, based on an MSCI report, helped the market despite weak global cues.
Mazhar Mohammad of Chartviewindia.in asked short-term traders to remain neutral on the index.
The top gainers on the Nifty were Kotak Mahindra Bank, Shree Cements, Nestle, Asian Paints and Bajaj Finance.
The market has been experiencing strong bouts of volatility and is struggling to cross crucial resistance levels in the absence of fresh positive triggers.
Trends on SGX Nifty indicate a positive opening for the index in India with a 50 points gain.
Except IT and PSU Bank index all other sectoral indices ended in the green. BSE Midcap and Smallcap indices ended higher.
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.