Bulls vs Bears: Here's what to expect on Dalal Street today

Benchmark indices ended lower for the third straight session on Friday led by weak global cues. Sensex and Nifty fell nearly 2 per cent each to end the week in the red. Sensex tanked 1,093.22 points to end at 58,840.79. Nifty declined 346.55 points or 1.94 per cent to close at 17,530.85. Market cap of BSE-listed firms fell to Rs 279.68 lakh crore against Rs 285.87 lakh crore in the previous session, thereby causing a loss of Rs 6.19 lakh crore to investors.

Foreign fund outflows and recession fears in the global economy dented investor sentiments. UltraTech Cement, Tech Mahindra, Infosys, Mahindra & Mahindra, Wipro, TCS, Nestle and Reliance Industries were the top Sensex losers, falling up to 4.51 per cent.

Here's a look at what analysts said about the direction the market is likely to take today:  

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The short term trend of Nifty seems to have reversed down. The formation of bearish candlestick patterns on the daily and weekly chart indicates more weakness ahead for the market. The next lower levels to be watched are around 17,200-17,150 in the next couple of weeks. Any upside from here could find resistance around 17,700 levels."

Rupak De, Senior Technical Analyst at LKP Securities

"The momentum oscillator is in bearish crossover and falling. The trend for the near term looks negative; immediate support is seen at 17,500, below which the Nifty may fall towards 17,350. On the higher end, resistance is visible at 17,700."

Palak Kothari, Senior Technical Analyst, Choice Broking

"The support for Nifty has shifted around 17300 levels while on the upside 17,850 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 40,000 levels while resistance at 41,400 levels. Overall, the Nifty is looking weak on charts. Closing below 17,500 can open the gate for 17,300-17,200. Sell on rise is advisable till Nifty didn't give a closing above the 18,000 mark."

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Also read: Weekly market wrap: Nifty, Sensex ended in deep red amid selloff in global equities