Bears are in full control of the Nifty. The broader markets underperformed the Nifty by a good margin, Nifty midcap index went down by close to 4 percent whereas the Nifty smallcap index also went down by around 3.6 percent. Midcap and smallcaps are almost near to the 52-week lows. One can look forward to corrections to the tune of around 11120 which is the 200 DMA and simultaneously it could go down further to the level of around 10800 as well. One needs to be cautious given that we are in the expiry week.
Nifty Auto created a fresh 52-week lows and we would like to go stock specific within those. We are sensing good amount of correction in auto pack, says says Pushkaraj Sham Kanitkar, AVP - Technical Research at GEPL Capital.