Benchmark indices fell for the second straight session on Thursday, in line with weak global cues following the US Federal Reserve's interest rate hike and hawkish stance.
Sensex declined 337.06 points to settle at 59,119.72. During the day, it tanked 624 points to 58,832.78. Nifty lost 88.55 points to close at 17,629.80.
However, mid-cap and small-cap indices on BSE rose 82 points and 138 points, respectively.
Banking shares were the top sectoral losers with their BSE index falling 680 points. The BSE consumer durables index rose the most, by 411 points, capping losses for the broader market.
Here's a look at what analysts said about the direction the market is likely to take today.
Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities
"Technically speaking, the biggest support to watch out for will be 17,429 and below the same, Nifty could simply drift to 17,161 mark. The index faces hurdles at 17,921 and then at 18,115 mark.”
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
"The index has been consistently facing resistance at higher levels and at the same time regularly taking support near the 17,500 level. For the traders 17,500 and 17,700 would be the important level to watch out for and below 17,500, the index could slip till 17,400-17,350 levels. On the flip side, a range breakout over 17,700 could push the index up to 17,800-17,850.”
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
"The short-term trend of Nifty continues to be choppy. The formation of candle pattern at the supports on Thursday and the overall chart pattern signal a possibility of an upside bounce in the short term. Immediate support is placed at 17,530 and the next overhead resistance to be watched at 17,750 levels."
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