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

Benchmark indices ended lower for the fourth straight session on Thursday due to selling in IT and banking shares amid weak global equities. Sensex settled 98 points lower at 53,416.15 and Nifty closed 28 points lower at 15,938.

Of 30 Sensex stocks, 18 ended in the red. Midcap and small cap indices fell 90 points and 145 points, respectively. IT and banking shares were the top sectoral losers, with their BSE indices falling 397 points and 172 points, respectively.

Market cap of BSE-listed firms fell to Rs 250.65 lakh crore against Rs 251.06 lakh crore in the previous session.

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

"On the daily chart, Nifty has remained below the important moving average. The daily RSI is in a bearish crossover. On the lower end, the index may find support at 15,850-15,875. On the higher end, resistance is visible at 16,100."

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The short-term trend of Nifty continues to be negative. The overall chart pattern and the placement of key lower support are signaling an upside bounce from near 15,800 levels in the next 1-2 sessions. The confirmation of upside reversal could unfold quantum of upside bounce in the market."

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

"For bulls, 16,000 would be the key resistance level and above the same, the index could move up to 16,100-16,150. On the flip side, 15,850 would be the key support level and if it slips further, the index could fall up to 15,800-15,725 levels.”

Also read: Sensex, Nifty end lower for fourth session; IT, banking shares top losers