The market declined for the third day in a row amid volatility, with the Sensex ending 181.25 points, or 0.53 per cent lower to settle at 34,134.38. The index rose 433.06 points during the day. The Nifty 50 fell 58.30 points, or 0.57 per cent to settle at 10,245.25. The BSE Mid-Cap Index fell 0.71 per cent Small-Cap lost 1.97 per cent, both underperforming the Sensex.

Among the sectoral indices on the BSE, Energy was down 2.98 per cent, followed by Oil & Gas (-2.45 per cent), Basic Materials (-1.48 per cent), and Consumer Durables (-1.27 per cent).

Market view

Sameet Chavan, chief analyst- technical & derivatives, Angel Broking, said: The Nifty’s gap up opening beyond 10,400 was the perfect start most taders had dreamt of. But there seems to be no strength in the market as it shrugged off extremely positive cues from the global bourses and eventually ended the session with more than half a percent cut.  The positive crossover in ‘RSI-Smoothened’ oscillator is still intact and hence, there is still a ray of hope for the bulls that the recent support zone of 10,200–10,138 would be defended for a while. “For the coming session, 10,289 followed by 10,366 would be seen as immediate hurdles; on the lower side, 10,200 remain the level to watch out for.

Technical view

Jay Thakkar, CMT-head technical & derivatives research and AVP equity research, Anand Rathi Shares & Stock Brokers, said: “The Nifty closed well in the negative territory in the last trading session. However, it is still holding the weekly swing lows of 10,138 levels, hence for the positional traders till 10,138 levels are held, the bulls need not worry and till those levels are held there can be some further consolidation. On the upside resistance is pegged at 10,500 and 10,700 levels.

The Sensex, like the Nifty, too closed in the negative territory in the last trading session. Now on the lower side 33,750 is an immediate support. If broken, then it will slide towards 33,000. If held, then a bounce till 34,500-34,750 is possible.

—Ashwin Punnen