“On the daily timeframe, the index formed a bearish Marubozu candlestick pattern, with the intraday high nearly equal to the opening level and the intraday low almost equal to the closing level. This formation indicates that the session commenced with significant selling pressure, as reflected by the open and high remaining nearly identical. Furthermore, the closing level being close to the intraday low highlights sustained selling pressure throughout the session, thereby establishing a strong supply zone,” he said, adding, “from a sectoral perspective, the decline was broad-based, highly led by PSU Banks, which fell by 3.88 per cent, followed by Realty (-3.10 per cent), Auto (-2.79 per cent), and Financial Services (-2.69 per cent). Among individual stocks, Reliance, Indigo, and Bajaj Finance were notable contributors to the index’s decline.”
