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

Benchmark indices fell for the fourth straight session on Wednesday in volatile trade post the Reserve Bank of India (RBI) policy announcement. Sensex tanked 215 points to end at 54,892 and Nifty fell 60 points to close at 16,356. Bharti Airtel, ITC, Reliance Industries, Asian Paints, IndusInd Bank, ICICI Bank, and Kotak Mahindra Bank were the top Sensex losers, falling up to 3.31 per cent.

Tata Steel, State Bank of India, Dr Reddy's, Bajaj Finance, TCS and Titan emerged were the top Sensex gainers, rising up to 1.70 per cent. Of 30 Sensex stocks, 17 ended in the red.

BSE mid-cap and small-cap indices fell 33 points and 87 points, respectively.

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

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One said, "For the coming session, 16300 – 16260 should be seen as key supports and only a breach of the same would resume the recent downtrend. On the flipside, 16500 remains a sturdy wall and till the time, we do not surpass it convincingly, bulls would not have any conviction in their moves."

Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, " After moving below the crucial support of 16400 levels (support as per change in polarity), the Nifty has not witnessed any intense selling pressure in the last 2 sessions, which is slightly positive for the market. The current choppy movement could extend for another 1-2 sessions and the lows to be watched around 16200 levels. Strong overhead resistance is placed at 16,450-16,500 levels."

Mohit Nigam, Head - PMS, Hem Securities said, "On the technical front, the key resistance levels for Nifty50 are 16500 and on the downside 16200 can act as strong support. Key resistance and support levels for Bank Nifty are 35500 and 34700 respectively."

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, "The RBI policy turned out to be a non-event for the index as it ended on a flat note. The index is stuck in a broad range between 34,500-36,000 levels where a significant amount of put and call writing has been witnessed. The undertone remains bearish as long as it stays below the immediate hurdle of 35,500."