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

Indian market ended nearly 1 per cent lower on Wednesday falling for the sixth straight session, tracking weak global cues and continuous foreign fund outflows. Sensex fell 509.24 points or 0.89 per cent to 56,598.28. Nifty declined 148.80 points or 0.87 per cent to close at 16,858.60.  

Banking and metal shares were the top sectoral losers with their BSE indices falling 667 points and 410 points, respectively. Market breadth was negative with 1,335 stocks ending higher against 2,092 stocks falling on BSE, while 105 shares were unchanged.

Market cap of BSE-listed firms fell to Rs 268.42 lakh crore against Rs 270.42 lakh crore in the previous session.

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

Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities

"The street will be anxiously awaiting the RBI September MPC Meet outcome to trickle in on Friday. Technically, the Nifty’s support is seen at 16,277-16,438 zone. As long as it holds the support level there is a bright chance that Nifty could bounce to 17,321 and then at 17,727 mark.”

Deepak Jasani, Head of Retail Research, HDFC Securities

"Nifty continued its down move and now the 16,653-16,752 band could provide support for the near term. On up moves,16,978 could offer resistance."

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"Nifty is now placed at the crucial support of 16,800 levels as per the concept of change in polarity. The said level has been a crucial value area in the past and has witnessed significant moves from its supports and its resistances in the past. Having declined down to the support, there is a possibility of a minor pullback rally in the market from near 16,800-16,750 levels in the next 1-2 sessions. Immediate resistance is placed at 17,000 levels."

Also read: Sensex, Nifty sink for sixth straight session; metal, banking shares top losers

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