The market snapped a four-day winning streak to close sharply lower on April 30, the first day of the May series, as all sectoral indices, barring pharma, traded in the red.
The BSE Sensex plunged 983.58 points, or 1.98 percent, to close at 48,782.36, while the Nifty50 fell 263.80 points, or 1.77 percent, to 14,631.10 and formed a bearish candle on the daily charts.
“The daily price action has formed a sizable bearish candle, forming a lower high-low compared to the previous session, which remains in a negative sign.
On the daily and weekly chart, the index continues to trend lacklustre within 14,900-14,200, representing a sideways trend, he said, adding 14,800 would be the next higher levels to be watch.
According to pivot charts, the key support levels for the Nifty are placed at 14,536.7 followed by 14,442.3.
The important pivot level, which will act as crucial support for the index, is placed at 32,478.4, followed by 32,175.