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

Benchmark indices fell sharply by nearly 2 per cent each, extending their decline for the third straight session on Friday, amid a bearish trend in global markets. Sensex tanked 1,020.80 points or 1.73 per cent to end at 58,098.92. Nifty plummeted 302.45 points or 1.72 per cent to close at 17,327.35.

Mid-cap and small-cap indices on BSE fell 588 points and 564 points, respectively. Banking, capital goods, consumer durables and auto shares were the top sectoral losers with their BSE indices falling 1159 points, 666 points, 760 points and 514 points, respectively.

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

Rupak De, Senior Technical Analyst at LKP Securities

 "Nifty has fallen sharply after an indecisive candle on the daily chart. The sharp fall has led the index below the crucial short-term moving average. The momentum oscillator on the daily timeframe is in a bearish crossover. The trend looks negative, which may take the Nifty towards 17,000 over the short term. On the higher end, it has resistance at 17,500."

Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities

"Technically, the Nifty has formed a lower top formation on daily charts and long bearish candle on daily charts which is broadly negative. For positional traders 17,500-17,600 levels could act as a crucial resistance zone. On the flip side, the 50-day SMA or 17,250 would be the important support level. If the index closes below the 50-day SMA, it could retest the level of 17,150 and could retreat further till the 200-day SMA or 17,000."

Palak Kothari, Senior Technical Analyst, Choice Broking

"The support for Nifty has shifted around 17,150 levels while on the upside 17,700 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 39,000 levels while resistance at 40,800 levels. Overall, the Nifty is looking weak on charts that can test the 17,150 level in the upcoming week. Closing above 17,700 can show an upside rally. Selling on rising is advisable for the upcoming session."

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