Muhurat Trading session to be held today (6:15 pm to 7:15 pm)

The short-term trend of Nifty continues to be rangebound with weak bias. A sustainable move above 18,050 levels is expected to open fresh buying enthusiasm in the market, says an expert.

The market on November 3 extended losses for the second consecutive session with the BSE Sensex falling below the 60,000 mark, dragged by banks, auto, FMCG, and pharma stocks. However, metals and real estate stocks bucked the trend.

The BSE Sensex fell 257.14 points to close at 59,771.92, while the Nifty50 declined 59.80 points to 17,829.20 and saw bearish candlestick formation on the daily charts.

"A small negative candle was formed on the daily chart on Wednesday beside the similar negative candle of Tuesday. Technically, this pattern signals rangebound movement in the market with weak bias. The pattern was formed below the crucial resistance of 10-day and 20-day EMA (exponential moving average) around 17,960 levels, as per the concept of change in polarity," said the expert.

According to him, the short-term trend of Nifty continues to be rangebound with weak bias. "A sustainable move above 18,050 levels is expected to open fresh buying enthusiasm in the market. Any weakness below 17,750 could result in a revisit of important support of 20-week EMA around 17,600 levels," he said.

The broader markets also traded in line with benchmarks. The Nifty Midcap 100 and Smallcap 100 indices fell 0.27 percent and 0.66 percent respectively.

The market today, on November 4 will open for an hour in the evening for Muhurat Trading.

According to pivot charts, the key support levels for the Nifty are placed at 17,728.47, followed by 17,627.73. If the index moves up, the key resistance levels to watch out for are 17,959.37 and 18,089.54.