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There is continuous selling pressure in the market this week as well. Selling is being seen on Tuesday, the second session of the week. Before this, there was selling all around in the market on Monday as well and buying was being seen on every recovery. There are many reasons behind this decline. Global signals are currently weak for the Indian market. In such a situation, domestic investors are looking cautious amid the US presidential election, Fed meeting, tension in the Middle East.

On Tuesday too, the Sensex fell 237.53 points or 0.30% to open at 78544.71. The Nifty fell 60.10 points or 0.25% to open at 23,935.20. During the initial trading, instead of 911 stocks rising, 854 stocks declined. There was no change in 100 stocks.

During the initial trading, Hindalco Industries, JSW Steel, Tata Steel, Nestle India and HCL Technologies stocks topped the list of Nifty's fastest stocks. At the same time, Coal India, Reliance Industries, Trent, Titan and BEL topped the list of Nifty's weakest stocks. There are signs of sluggishness in the market movement after global events, heavy selling by FIIs and sluggish results of many companies in the September quarter. Today, the September quarter results of two Nifty stocks - Dr Reddy's Labs and Titan will also be released. Apart from this, many domestic reasons are also weighing on the market. In the second quarter, the results of about two-thirds of Nifty companies have been weaker than expected so far. Where is the biggest correction? In a special conversation with CNBC-Awaaz, Saurabh Mukherjee of Marcellus Investment said that there is going to be more correction in midcaps than largecaps. He said that many midcaps ran well on the strength of government contracts. But, in terms of returns, the growth of these companies has been low. Due to this, there is a possibility of further decline in them. He also said that the maximum correction is possible in smallcaps in 6 months. In terms of rally, smallcaps have not fallen much yet. In 3 years, the growth of smallcaps has been more than that of Nifty. Smallcaps will test retail investors in the future. What is the technical view? Sameet Chavan of Angel One said that Nifty has given signs of consolidation breakout. Continuous decline in the market can be risky in the short term. Derivatives and technical parameters are in oversold territory and after getting some relief from selling, the sentiment may change. There is a need to remain cautious in the market for now. Talking about important levels, there will be resistance in the zone of 24200 - 24400. The index has a support level at 23900 - 23800 on the downside. After slipping below this level, the index can slip to the level of 23500 - 23450, where the 200-DEMA level is. 

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