After a gap-down opening, the benchmark index continued the downside move throughout the day and settled at 17898 levels with a loss , while Bank Nifty slipped more than 200 points to close at 38041 levels. Technically, the index has formed a bearish candle on the daily time frame which shows weakness in the counter. For the second straight day, Reliance Industries accounted for almost 50 per cent of the Sensex loss. The stock ended 2 per cent lower at Rs 2,462. Axis Bank and Kotak Bank were also down around 2 per cent each. On an hourly chart, the index has given a trend line breakdown, which points out some corrections. Furthermore, the index has given closing below 21 DMA as well as the stochastic indicator is trading negative crossover. At present, the index has support at 17750 levels, while resistance is at 18100 levels.
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Resistance: 18100, 18200, 18300
Support: 18000, 17900, 17800
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