From the technical perspective, Tuesday’s session temporarily marked an intermediate top for the market in the 17,900-17,950 zone.
The floor price has been fixed at Rs 2,870 apiece, a 6.65 per cent discount to Tuesday’s closing price of Rs 3074.
Nifty filled its upward gap at 17,610 which it formed on September 23. ​​​However, swift recovery in the last one hour indicates that Nifty might consolidate in the 17,550 -17,900 zone.
In the international market, gold was trading lower at $1,743 per ounce and silver was flat at $22.37 per ounce.
The Dow Jones Industrial Average fell 121.67 points, or 0.35 per cent, at the open to 34,747.70.
Nifty50 formed a bearish candle on the daily scale, with a longer lower shadow, indicating declines are getting bought into.
Under the current regulations, a company that is acquiring 49 per cent stake in a listed entity and sees its total stake rise over the 75 per cent mark post an open offer has to forcefully reduce its stake below the minimum public shareholding mark.
Analysts say multiple supports are placed near the 17,600 level, but they do not rule out high volatility in the coming days. They advised traders to be cautious with their short-term trading positions.
The board approved the Gold Exchange and SEBI Vault Managers Regulations, 2021 that allow bourses to set up a gold exchange in India.
The proposal for the creation of a Social Stock Exchange was put forth by Finance Minister Nirmala Sitharaman in her Budget speech in July 2019.
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