After the pause on Tuesday market gave a mild correction on Wednesday day. After making an intra day high of 3716 (which was also the highest point since Oct'08) Spot Nifty gave up most of its gain in the second half of the trading session, finally Spot Nifty closed at 3625.05 losing 37.85 points or 1.01%. Across the board profit booking was noticed barring few power stocks. BSE Sensex closed at 11952.75 down by 178.33 points or 1.47%. The volume was bit lower than the previous few trading sessions and the breadth of the market was negative.
Technically speaking in the Spot Nifty daily candle stick chart an inverted hammer formation has emerged which depicts bit bearishness. Yesterday after making new high (at Spot Nifty 3716) since Oct'08, the way market has come down shows some selling pressure at the higher level. Yesterday Spot Nifty has closed just on its minor trend line support which is around 3600.
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