A morning walk down Dalal Street | Bounce back may be on the cards, 11160 shall be key level to watch out for

Indian market slipped for the third consecutive day in a row on Wednesday with Sensex falling as much as 170 points while the Nifty50 plunged below 11,250 to close at 11234.

Technically speaking, Nifty formed bearish candle for the third consecutive day in a row and has now slipped below its crucial 50-DMA. Next support comes at 11,100 and 11,000.

The initial bounce back was quickly sold into, led by losses in Small-caps, FMCG, realty, consumer durable, as well as midcap index. Weakness in Nifty Bank continue to weigh on Nifty.

Nifty Bank closed 164 points lower led by losses in IndusInd Bank, HDFC Bank, Yes Bank and IDFC Bank. HDFC AMC, Reliance Nippon shares slump as Sebi cuts mutual fund expense ratio