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The market fell sharply on Wednesday as traders turned cautious ahead of Monetary Policy Committee's rate decision due on Friday after rupee hitting record lows and crude touching multi-year highs.
The Nifty50 after gap down opening extended losses as the day progressed and broke the 10,900 levels in last hour of trade.
The index closed 150 points lower at 10,858.30 and formed strong bearish candle on the daily charts.
If it doesn't stabilise around its 200-day EMA of 10,785 levels then more selling pressure is likely, experts said.
Bears appear to have gained upper hand as they sabotaged the good work done by the bulls in the Monday's session before signing off the day with a strong bearish candle which forced the indices to close below 10,900 levels which bulls were defending till now on closing basis," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
According to him, in forthcoming sessions if Nifty50 doesn't stabilise around its 200-Day EMA of 10,785 levels then traders should prepare themselves to see the index heading towards 10,557 levels.
He said on the upsides bulls will able to revive their chances of coming back provided they manages a close above psychologically important 11,000 levels. "Till then stakes shall remain in favour of bears with chances of Nifty heading towards 10,555 levels."
India VIX moved up by 8.16 percent at 18.21 levels. Volatility is not cooling down which is not giving the relief and suggests a tight bear grip in the market.
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