Indian equity indices ended on a negative note on October 18 with Nifty below 19,700 on the back of weak global cues. At close, the Sensex was down 551.07 points or 0.83 percent at 65,877.02, and the Nifty was down 140.40 points or 0.71 percent at 19,671.10.

After witnessing recovery in the previous session, the market again came under pressure on October 18 amid selling across the sectors barring auto and pharma.

At close, the Sensex was down 551.07 points or 0.83 percent at 65,877.02, and the Nifty was down 140.40 points or 0.71 percent at 19,671.10

On the back of weak global cues, the market started on a negative note. However, a mild recovery in the initial hours didn't last long and indices extended the opening losses with the Nifty and the Sensex breaking 19,700 and 66,000, intraday.

A short build-up was seen in Syngene International, Biocon and L&T Technology Services, while a long build-up was seen in Cipla, Sun TV Network and Dr Reddy's Laboratories.

Among individual stocks, a volume spike of more than 600 percent was seen in Punjab National Bank, Cipla and Sun TV Network.

More than 250 stocks touched their 52-week high on the BSE including Titagarh Rail Systems, Suzlon Energy, Alembic, Gujarat State Fertilizers & Chemicals, Polycab India, KIOCL, NBCC.

The Nifty began flat and had a significant reversal during the day. It continued to fall throughout the day, closing near the day's lows. It finished in the red, down 140 points. On the daily charts, Nifty has encountered resistance at the 61.82% fibonacci retracement level (19850 - 19885). Because of the decline, the Nifty has now entered the zone of 19670 - 19640, where support is provided by the 20- and 40-day moving averages. Bollinger bands are shrinking, suggesting that consolidation will occur in the coming trading sessions. In terms of levels, 19640 - 19600 will serve as critical support, while 19770 - 19800 will operate as an urgent barrier zone for Index.

Bank Nifty saw a severe fall and is currently retesting the previous swing low (44800). The decline looks to be overstretched on the downside and is also near the support of the daily Bollinger band, which is located in the zone 43800 - 43700, increasing the likelihood that the fall will not deepen from present levels. On the daily charts, there are signs of a bullish divergence developing, but it must be verified by price. Overall, we anticipate a drop in the Bank Nifty during the following several trading days.

Wipro's deal TCV and pipeline will be among the key monitorables, along with the pricing and outlook on new deals. Management commentary in regard to the demand outlook of the company's consulting and mortgage businesses will also be scrutinised.

On October 18, the benchmark stock market indices concluded the day on a negative note. The Nifty closed below the 19,700 mark. The Sensex, a key index, wrapped up the day with a loss of 551.07 points, representing a decline of 0.83%, settling at 65,877.02. Overall, both indices appear bearish.

At close, the Sensex was down 551.07 points or 0.83 percent at 65,877.02, and the Nifty was down 140.40 points or 0.71 percent at 19,671.10. About 1424 shares advanced, 2144 shares declined, and 137 shares unchanged.

Biggest losers included Bajaj Finance, Bajaj Finserv, NTPC, HDFC Bank and Axis Bank, while gainers were Cipla, Dr Reddy's Laboratories, Tata Motors, Sun Pharma and SBI Life Insurance. Among sectors, except auto and pharma, all other sectoral indices ended in the red with power, Information technology, oil & gas, metal, realty and bank down 0.5-1 percent each.