NIFTY50:

The Nifty50 opened lower at 14,237.95, and extended losses as the day progressed to hit a day low at 13,929.30 in the last hour of the trade. The index end of the session at 13,967.50, falling 271.40 points or 1.91 per cent.

The index remained under selling pressure through out the session and today lost nearly 2 percent, market continuing its downtrend. Index formed a Bearish Belt Hold pattern on the daily charts.

On options trade, maximum Put option open interest was at 13,500, followed by 14,000 strike while maximum Call option open interest was at 14,700 followed by 14,500 strike. Call option writing was seen at 14,100 then 14,200 strike while Put option writing was seen at 13,900 and 13,500 strike.

Options data indicated that the Nifty50 could see an immediate trading range at 13,800 to 14,200 levels.

BANK NIFTY;

Bank Nifty opened higher at 31,236.25, but failed to hold 31,250 and tumbled sharply to hit an intraday low at 30,165.65.S Selling pressure was seen across all the banking stock and the Bank nifty index closed with losses at 30,284.50, falling 913.85 points or 2.93 per cent.

 It formed a bearish candle on daily scale and has been making lower top - lower bottom from the last four sessions.

Now Bank Nifty remains below 31,000, bounce could be sold for the down side move towards 30,000 and 29,500 while on the up side hurdles are seen at 31,250 and 31,500. analyst said.

NIFTY TOP 5 GAINERS AND LOSERS:

GAINERS: TECHM, SBILIFE, WIPRO, ITC and ULTRACEMCO

LOSERS: TATAMOTORS, TATASTEEL, TITAN, INDUSINDBK and HINDALCO