Kumud Das Mumbai

Thebenchmark indices recovered from their intraday lows. The Sensex fell 243 points. Among the sectors, almost all major sectoral indices came under selling pressure, with the consumer index losing the most, shedding over 2 per cent.

Technically, after a sharp intraday dip, the market found support near 72,000 and trimmed some of its intraday losses. On the daily chart, it formed a Doji candlestick formation, while the intraday charts continue to show a weak formation, suggesting further weakness from current levels. “In our view, the market’s short-term trend remains weak, although a quick intraday pullback rally cannot be ruled out,” says Shrikant Chouhan, Head - Equity Research, Kotak Securities. For day traders, 72,200 is a key support zone. Above this level, the pullback could continue toward 73,000-73,500. On the downside, a break below 72,200 could accelerate selling pressure and drag the market toward 72,000-71,700.