A morning walk down Dalal Street | Nifty can stabilize if it reclaim 11,170, pull back rally on the cards

Indian markets fell for the fifth consecutive day in a row on Monday.

The S&P BSE Sensex closed 536 points lower at 36305 while the Nifty50 ended 175 points down at 10,967 The Nifty50 slipped below its 100-EMA as well as 11000 to close at 10,967 Weak rupee, higher crude oil prices, NBFCs woes weighed on markets which led massive sell off in markets.

Investors lost around Rs 3 lakh crore on the BSE during the session as a fallout of this bearish move.

Technically, the index formed a Bearish Belt Hold pattern and there is a higher chance of a short coverings rally as we inch closer to expiry. A close below Friday’s low of 10,866 could extend selling pressure while stability could come in if Nifty manages to reclaim 11,170.

Sectorally, realty, auto, finance and telecom stocks fell 3-5 percent while IT stocks outperformed, up 2 percent.

Top Sensex gainers: Tata Consultancy Services, Coal India, Infosys, Reliance Industries

Top Sensex losers: Mahindra & Mahindra, HDFC, IndusInd Bank, Adani Ports

The S&P BSE Smallcap index was down 2.7 percent while the BSE Midcap index plunged 2.4 percent.