Market may weaken further from current levels

The benchmark indices witnessed selling pressure at higher levels. The Sensex was down by 504 points. Among sectors, almost all the major sectoral indices registered intraday selling pressure at higher levels, but the Defence Index lost the most, shedding over 2 per cent.

Technically, after an early morning intraday selloff, the market witnessed consolidation near the 83,200-support zone. On daily charts, it has formed a bearish candle, indicating further weakness from the current levels.

Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We are of the view that the intraday market texture is weak, but a fresh selloff is possible only if 83,200 is dismissed below.”

The market could then slip till 83,000-82,500. On the flip side, 83,800 would act as an immediate resistance zone. Above this, it could move up to 84,000-84,200.”