Benchmark indices closed lower on Wednesday amid mixed global cues ahead of the US Fed decision on interest rates. Sensex fell 262.96 points or 0.44 per cent to end at 59,456.78. During the day, it tanked 444.34 points or 0.74 per cent to 59,275.40. Nifty declined 97.90 points or 0.55 per cent to close at 17,718.35.
Market cap of BSE-listed firms fell to Rs 281.17 lakh crore against Rs 283.39 lakh crore in the previous session. Mid-cap and small-cap indices on BSE fell 162 points and 203 points, respectively.
Capital goods and banking shares were the top sectoral losers with their BSE indices falling 444 points and 294 points, respectively. Market breadth was negative with 1,282 stocks ending higher against 2,176 stocks falling on BSE, while 129 shares were unchanged.
Here's a look at what analysts said about the direction the market is likely to take today.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
"The short term trend of Nifty continues to be choppy. The market is stuck within a broader high low range of 18,100-17,500 levels and the movement within the said range is expected for the next few sessions. Any decisive move beyond this range could bring acceleration in the momentum on either side."
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
"We are of the view that, if the index succeeds to trade below 17700/59400 then it could trigger short term correction. Below the same, the index could slip till 17,550-17,500/59,000-58,800. On the flip side, fresh uptrend possible only after 17,850/59,800 breakouts, above which, the index may hit the level of 17,950-18,000/60,100-60,300. The current market texture is non directional. Hence, level-based trading would be the ideal strategy for the short term traders.”
Rupak De, Senior Technical Analyst at LKP Securities
"The trend for the near term may remain sideways to positive as long as the index closed above 17,700 in the previous session. However, a decisive fall below 17,700 may trigger a correction in the market. On the lower end, below 17,700, Nifty may fall down towards 17,500/17,350. On the higher end, resistance is visible at 17,850-17,900."
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