A morning walk down Dalal Street | Selling pressure likely to aggravate once Nifty breaks key support of 10,000

A weak day for India markets as Sensex slipped below 33700 while Nifty closed below its crucial support at 10,138 on the expiry day, weighed down by weak global cues.

Nifty Fut rollovers on a provisional basis stood at 75 percent for November series which is higher than 3-month avg of 68 percent and October series rollover of 62 percent. 

Most Asian stocks declined as concerns mount that corporate profits and economic growth are peaking amid rising borrowing costs.

The finally tally – Sensex closed 343 points down at 33,690. The index has plunged 7 percent or 2537 points so far in the month of October. The Nifty50 closed 99 points down at 10,124. 

All the sectoral indices on the National Stock Exchange closed in the red.

On the technical front, the selling pressure is likely to aggravate once the index breaks the key support zone of 10000-9952. 

A breach of the support zone shall allow the index to tumble further till 9700 in the short term.

On the other hand, the bears are expected to keep the index below the crucial hurdle zone of 10250-10290.