The index has seen the formation of a bearish candlestick pattern on the daily charts. The 50-share benchmark index has defended the 17,000 mark due to a bit of recovery in late trade, hence if the index manages to sustain the same crucial mark then, according to experts, there could be a temporary relief rally in the market after being looked oversold. However, if the index fails to hold on to the said level then there could be a fair chance of the index breaking 16,900-16,800 levels in the coming days, experts feel.
The Nifty50 had a gap down opening and plunged more than 300 points for a second consecutive session as bears held tight control over Dalal Street, tracking southward journey in global counterparts amid rising recession fears in the western world. Consistent FII selling and weakening currencies with the strengthening dollar also dampened equity market sentiment.
The index has seen the formation of a bearish candlestick pattern on the daily charts. The 50-share benchmark index has defended the 17,000 mark due to a bit of recovery in late trade, hence if the index manages to sustain the same crucial mark then there could be a temporary relief rally in the market after being looked oversold, but if the index fails to hold on to the said level then there could be a fair chance of index breaking 16,900-16,800 levels in coming days, experts feel.
All sectors, barring IT, traded in the negative territory. Auto, Metal, Realty and Oil & Gas were the biggest losers, falling between 3 percent and 4 percent. The severe selling pressure was also seen in the Nifty Midcap 100 and Smallcap 100 indices which corrected more than 3 percent each.
The Nifty50 started off trade lower by around 150 points and remained under pressure throughout the session to hit a day's low of 16,978, though it attempted some recovery. The index finally settled with 311 points or a 1.8 percent loss at 17,016, continuing the downtrend for the fourth consecutive session.
The Nifty50 had a gap down opening and plunged more than 300 points for a second consecutive session as bears held tight control over Dalal Street, tracking southward journey in global counterparts amid rising recession fears in the western world. Consistent FII selling and weakening currencies with the strengthening dollar also dampened equity market sentiment.
The index has seen the formation of a bearish candlestick pattern on the daily charts. The 50-share benchmark index has defended the 17,000 mark due to a bit of recovery in late trade, hence if the index manages to sustain the same crucial mark then there could be a temporary relief rally in the market after being looked oversold, but if the index fails to hold on to the said level then there could be a fair chance of index breaking 16,900-16,800 levels in coming days, experts feel.
All sectors, barring IT, traded in the negative territory. Auto, Metal, Realty and Oil & Gas were the biggest losers, falling between 3 percent and 4 percent. The severe selling pressure was also seen in the Nifty Midcap 100 and Smallcap 100 indices which corrected more than 3 percent each.
The Nifty50 started off trade lower by around 150 points and remained under pressure throughout the session to hit a day's low of 16,978, though it attempted some recovery. The index finally settled with 311 points or a 1.8 percent loss at 17,016, continuing the downtrend for the fourth consecutive session.
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