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

Benchmark indices ended lower on Tuesday as fag-end selling in FMCG, banking and IT stocks and weak opening in European stock markets affected investor sentiment. Sensex declined 100.42 points to settle at 53,134.35. During the day, it jumped 631.16 points or 1.18 per cent to 53,865.93. Nifty also gave up intra-day gains and fell 24.50 points to 15,810.85.

BSE midcap and smallcap indices fell 77 points and rose 49 points, respectively. Banking and IT stocks were the top sectoral losers with their BSE indices falling 145 pts and 168 pts, respectively.

Market breadth was positive with 1,714 stocks ending higher against 1,569 stocks falling on BSE. 160 shares were unchanged.

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

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

"Technically, Nifty found resistance near 16,000 and has formed a long leg bearish candle formation near the important resistance level. For the bulls now, the 20-day SMA (Simple Moving Average) or 15750 would be the key support level. Below the same, the index could slip to 15,700-15,650 levels.”

Palak Kothari, Senior Technical Analyst, Choice Broking

"Nifty may find support around 15,650 levels while on the upside 16,000 may act as an immediate hurdle crossing above the same can show upside rally. On the other hand, Bank Nifty has support at 33,400 levels while resistance at 34,500 levels."

Mohit Nigam, Head - PMS, Hem Securities

"Immediate support and resistance for Nifty are 15,650 and 16,000 respectively. Immediate support and resistance for Bank Nifty are 33,500 and 34,100 respectively."

Rupak De, Senior Technical Analyst, LKP Securities

"Indian equities witnessed volatility on Tuesday as the Nifty failed to absorb selling pressure from the call writers leading to a close around the day's low. Despite the selling, the Nifty held above the near-term moving averages. The trend is likely to remain positive as long as it sustains above 15,800. On the higher end, resistance is visible at 16,000/16,200."