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

The Indian market ended lower for the seventh straight session on Thursday amid weak global cues and continuous foreign fund outflows. Sensex fell 188 points to end at 56,409. During the day, the index rose 568 points to 57,166.

Banking and IT shares were the top sectoral losers with their BSE indices falling 181 points and 165 points, respectively. Metal and pharma shares were the top sectoral gainers with their indices closing 263 points and 312 points higher, respectively. However, market breadth was positive with 1,887 stocks ending higher against 1,540 stocks falling on BSE, while 135 shares were unchanged.

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

Rupak De, Senior Technical Analyst, LKP Securities

"Nifty remained highly volatile before ending the session on a negative note. The index failed to capitalize on the early gain as it faced tough resistance at the 17,000 levels leading to closing around 16,800. Going ahead, 16,800 is likely to act as crucial support any drift below 16,800 on a sustained basis may attract selling pressure in the market. On the lower end, support is visible at 16,640. On the higher end, 17,050 is likely to remain a strong resistance."

Ajit Mishra, VP - Research, Religare Broking

"Markets have been making attempts for a rebound. However, weak global cues combined with continuous selling from foreign investors are weighing on the sentiment. We feel the overall tone would remain bearish until the Nifty reclaims 17,200. On the downside, a decisive break of 16,800 could further fuel the decline. Participants should align their positions accordingly and maintain positions on both sides."  

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

"With key events lined up, and global uncertainties, we expect increased volatility. Nifty has been unable to sustain above 17,000 levels and could witness pressure towards 16,600-16,650 zones over the next few days."

Palak Kothari, Senior Technical Analyst, Choice Broking

"The hourly momentum indicator RSI bounced from the oversold zone as well as bullish divergence has been seen which points out some upside correction can be seen. The support for Nifty has shifted around 16,700 levels while on the upside, 17,050 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 37,000 levels while resistance at 38,500 levels. Overall, Nifty is trading in the range of 16,750-17,050 level and either side breakout will show the direction. Pharma & media sector stocks are looking good for trade. One can add on dips."

Also read: Nifty nears oversold zone. Can it make a comeback?

Also read: Maruti, M&M & Hero Moto among stocks that analysts like ahead of September sales data