Market HIGHLIGHTS: Sensex falls 400 pts, Nifty just above 15,200; IT, FMCG stocks fall, SBI gains nearly 3%

After rising to a record high early yesterday morning, Nifty attracted selling pressure above 15400 and has further shed 0.5% today, particularly weighed by weakness among private banks and IT stocks. Meanwhile, the broader markets remain firm, especially the Midcap 100 index, which has risen to a fresh record. The up move in Nifty has halted right below 15470, which is the 161.8% fibonacci retracement of the fall from Jan 21st high to Jan 29th low. The index is now trying to fill the gap that was formed between Friday’s closing and Monday’s opening. The lower end of this gap comes at 15188. Sustainability below this could lead to a minor correction towards 15000-14940. Meanwhile, if the index fails to sustain below 15188 and instead crosses 15470, the upside is likely to extend towards 15910.: Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS