The benchmark indices fell for the fifth straight session on Tuesday due to partial recovery in Asian markets. The indices attempted a comeback during the session but gave up gains in the last 45 minutes of trade. Sensex fell 37 points to 57,107 and Nifty lost 9 points to 17,007. The mid-cap and small-cap indices on the BSE rose 1.24 points and 137 points. Oil and gas and pharma shares were the top sectoral gainers with their BSE indices zooming 229 points and 156 points, respectively. Banking, capital goods and consumer durables shares lost 347 points, 219 points and 230 points, respectively.
Here's a look at what analysts said about the direction the market is going to take today.
Nifty is temporarily halting its weakness near the crucial lower support of 16,800 levels, as per the concept of change in polarity. The area of 16,800 has acted as an important value area and has resulted in significant movement from its support resistance breakouts in the past. There is a possibility of a sustained upside bounce in the market from near this support, as the market has declined quickly from the highs of 18 K mark this time. The immediate resistance is around 17,150 -- 17,200 levels. Momentum indicators suggest a possibility of a rally from the current levels. If the index succeeds to trade above the 200 day SMA Simple Moving Average or 16,940 56,950, we are of the opinion that bearish sentiment in the market is still intact and a fresh rally is possible. The index could retest the level of 17,150 -- 17,200 57,500 -- 57,700. It could slip to 16,850 -- 16,800 56,600 -- 56,500 on the flip side, below 16,940 56,950. The intraday texture of the market is non directional, so level-based trading would be the ideal strategy for day traders. After the recent decline, the markets may experience a period of consolidation or pause. There would still be mixed trends across sectors, but there would still be opportunities for trading across the board. The beginning of the MPC meet and global cues would keep the volatility high. We feel it is prudent to continue with the defensive pack for long trades until we see some stability.