For the second consecutive session, Nifty failed to maintain an intraday high level and ended on Tuesday near the day's low level, which is technically a weak signal. Analysts said in the short term the market looks weak and Nifty goes further down to 9,850 and 9,900 levels. Geojit Financial Services' Vinod Nair said Nifty witnessed profit booking and resistance at a level of 100-DMA at 10,300, which was a crucial resistance to the index. HDFC Securities' Deepak Jasani said Nifty's next support lies in the 9.889-9.944 band, and 10.177 resistance. “One needs to watch the midcap space, which is still seeing some rotational buying," he said. Nagaraj Shetti of HDFC Securities said Nifty’s short-term trend may have reversed. “One may expect further weakness in the market next session. On the lower side, the Nifty should find support at 10,000-9,950 levels. It is expected to slip below this area in 3-4 sessions,” he said. Having said that, here is a look at what some of the key measures for Wednesday's market action suggest: the US shared retreat after the rally, US stocks fell on Tuesday as investors paused ahead of a meeting with the Federal Reserve that could offer views on the recent signs of economic recovery that pushed the tech-heavy Nasdaq to an all-time high in the previous session. At 7:22 pm (IST), the Dow Jones Industrial Average dropped 362.63 points, or 1.32%, at 27.209.81, the S&P 500 dropped 33.47 points, or 1.04%, at 3.198.92. The Nasdaq Composite was down at 9,891.77 points or 0.33 percent. European shares also fell as cyclical stocks declined on Tuesday and British American Tobacco threw a spanner into a rally driven by optimism over a global recovery from the coronavirus crisis. The pan-European STOXX 600 index dropped 1.3 percent, with banks in the eurozone falling 5.6 percent after a six-day profit streak. Nifty losing momentum fast, after establishing the 'Bearish Belt Hold' candle in Monday's session, Nifty faced enormous selling pressure for the second day in a row at 10,300 level on Tuesday. The index eventually formed a small bearish candle, with a long upper wick, which confirmed momentum weakness. Nifty 's maximum put open interest was at 9,000, followed by 9,500, while the average Call OI was at 11,000 and 10,500, respectively. There was marginal Call writing at 11,000 followed by 10,200 level, while Put writing was seen at 9,800 levels followed by 9,900. Data on options suggested a wider trading range between levels 9,500 to 10,200. Momentum indicator Moving Average Convergence Divergence (MACD) on Tuesday showed a bullish trade setup on the counters of Raj Television Network NSE -0.95 % and ICRA. Stocks signaling weakness ahead because the MACD showed bearish signs on the counters of Exide IndustriesNSE 0.00 %, Indraprastha Gas, Ambuja Cements, India Cements, Jubilant Foodworks, MindTree, Sequent Scientific, Indian Energy Exchange, Parag Milk FoodsNSE -1.62 %, Syngene International, J B Chemicals & Pharma, Hikal, Nestle India, Alankit, Poly Medicure, Kothari Petrochemicals, Sanginita Chemicals, Bhageria Industries, and TCPL Packaging. Most active stocks in value terms are HDFC Bank (Rs 3105.71 crore), Bajaj Finance (Rs 3070.34 crore), Axis Bank (Rs 1994.40 crore), IndusInd Bank (Rs 1898.49 crore), RIL (Rs 1855.22 crore), SBI (Rs 1808.43 crore), Titan Company (Rs 1757.42 crore), ICICI Bank (Rs 1708.70 crore), Vodafone Idea (Rs 1621.16 crore) and HDFC (Rs 1616.05 crore) were among the most active stocks on Dalal Street on Tuesday in value terms and most active stocks in volume terms are Vodafone Idea (Shares traded: 155.73 crores), BHEL (Shares traded: 15.79 crores), SBI (Shares traded: 9.66 crores), RBL Bank Ltd. (Shares traded: 9.63 crores), Tata Motors (Shares traded: 7.95 crores), Ashok Leyland (Shares traded: 7.44 crore), Bank of Baroda (Shares traded: 7.11 crore), IDFC First Bank Ltd. (Shares traded: 6.43 crore), PNB (Shares traded: 6.39 crore) and Uttam Value Steel (Shares traded: 5.91 crores) were among the most traded stocks in the session. Stocks witnessing selling pressure, Krishana Phoschem witnessed strong selling pressure in Tuesday’s session and hit its 52-week low, signaling bearish sentiment on these counters. Overall, market breadth remained in favor of bears. As many as 158 stocks on the BSE 500 index settled the day in green, while 341 settled the day in the red. The pressure is clearly showing in the market after the recent rapid rise. US FOMC’s announcement is due tomorrow, and that can have a bearing on global markets.

THIS ARTICLE DOES NOT INTEND TO HURT THE SENTIMENTS OF ANY INDIVIDUAL, COMMUNITY, SECT, OR RELIGION ETCETERA. THIS ARTICLE IS BASED PURELY ON THE AUTHOR'S PERSONAL VIEWS AND OPINIONS IN THE EXERCISE OF THE FUNDAMENTAL RIGHT GUARANTEED UNDER ARTICLE 19(1)(A) AND OTHER RELATED LAWS BEING FORCE IN INDIA, FOR THE TIME BEING.