The market opened slightly higher, but has slipped into the negative terrain within minutes. The Sensex is currently trading at 18,556, down 46 points from the previous close. Nifty is 5529, down 31 points.

There are no fundamental problems with this market, only technical; profit booking is taking place, says Deven Choksey of KR Choksey Securities, on Zee Business. So the consolidation phase should be over in a couple of days now, he says. If the Sensex takes support at 18,319, then recovery may happen in 1-2 days, he adds.

Sensex has crucial support at 18,275, says CLSA's technical analyst Laurence Balanco, on CNBC-TV18. And the BSE 30-share index can go to 17,200 if 18,275 is broken