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

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

Sensex fell 412.96 points to close at 59,934 and Nifty declined 126.35 points to settle at 17,877 in the previous session.

Midcap and smallcap indices rose 81 points and 19 points, respectively. Midcap and smallcap indices rose 81 points and 19 points, respectively.

Benchmark indices plunged for the second straight session on Thursday led by a fall in IT stocks. Sensex fell 412.96 points to close at 59,934 and Nifty declined 126.35 points to settle at 17,877. Tech Mahindra, Infosys, Tata Steel, Bajaj Finserv and Axis Bank were the top Sensex losers, falling up to 3.13 per cent. Maruti, PowerGrid and NTPC were the top Sensex gainers, rising up to 3.23 per cent.

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Midcap and smallcap indices rose 81 points and 19 points, respectively. IT, banking, capital goods, consumer durables and metal shares were the top sectoral losers with their BSE indices falling 468 points, 253 points, 123 points, 329 points and 215 points, respectively.

Auto stocks were the major sectoral gainers with their BSE index rising 253 points to 30,534. Market breadth was negative with 1,698 stocks ending higher against 1,798 stocks falling on BSE, while 124 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 at LKP Securities

"On the daily chart, a dark cloud cover pattern has formed suggesting waning bullishness. The trend for the few hours to 1 day may remain weak; However, the short-term trend remains positive as the Nifty closed above the falling trend line on the daily chart. On the lower end, support is visible at 17,700, below which the short-term trend may become weak. On the higher end, resistance is visible at 17,900/18,100."

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

“We broadly remain positive on the markets and suggest buying on dips. Nifty trades with a positive bias on monthly basis but short term momentum indicators suggest some jitters. This could result in a phase of correction/consolidation. IT and select BFSI stocks remain attractive while banking can witness some profit booking.”

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

"Traders now look forward to the important FOMC monetary policy meeting on September 20-21. Technically speaking,  Nifty line on the sand is at the 17,701 mark. Aggressive buyers are advised to take a backseat only if Nifty slips below its biggest support at 17,477 mark.”

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"Technically, this market action signal emergence of selling pressure at the resistance of 18100 levels. On the downside, the Nifty is expected to find support around 17,750-17,700 levels in the short term. The short-term trend of Nifty continues to be range bound around 18,100-17,700 levels. There is a possibility of further consolidation or minor downward correction in the short term."

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Also read: Sensex gives up 60K, Nifty ends below 17,900; IT stocks lead losses