India’s Nifty Index declined almost 200 points from day’s high to snap 7 day gaining streak. Despite making a bearish belt hold line pattern it managed to hold on to the open gap at 18350.

The Nifty Bank declined over 400 points from day’s high to snap its 7 day gaining streak. Despite the bearish upside gap 2 crows pattern it held on to the open gap at 39375.

The Nifty Midcap snapped its 7 day gaining streak to post the worst day since 12 April 2021 while the Nifty Smallcap snapped its 7 day gaining streak to post the worst day since 20 August 2021. The advance decline was the worst since 23 August 2021.

The Nifty IT broke out above the declining trend line from its all-time high and Nifty Pharma has retraced to its 50 & 100-day moving average which are just 0.5 percent away from the current close.

Among other sector highlights – Nifty Realty cracked over 5 percent from day’s high, Nifty PSE & PSU Bank declined over 4 percent from day’s high, Nifty IT gained over 2 percent to post the best day since 17 August 2021, Nifty Realty posted its 2nd worst day of 2021, Nifty PSE declined most since 12 April 2021, Nifty PSU Bank declined most since 20 September 2021 and Nifty FMCG posted the worst day in over a year.

Foreign investors sold Indian equities worth Rs 506 crore in the cash segment on a provisional basis and bought Rs 577 crore in the futures & options segment. They increased the net long in index futures at 69 percent vs 66 percent on the previous day. That’s above the October average of 61 percent. Domestic institutions sold Indian equities worth Rs 2578 crore in the cash market.