Bulls vs Bears: Here is what to anticipate on Dalal Road at present

Indian market ended almost 1 per cent decrease on Wednesday falling for the sixth straight session, monitoring weak international cues and steady international fund outflows. Sensex fell 509.24 factors or 0.89 per cent to 56,598.28. Nifty declined 148.80 factors or 0.87 per cent to shut at 16,858.60.  

Banking and metallic shares had been the highest sectoral losers with their BSE indices falling 667 factors and 410 factors, respectively. Market breadth was detrimental with 1,335 shares ending greater in opposition to 2,092 shares falling on BSE, whereas 105 shares had been unchanged.

Market cap of BSE-listed corporations fell to Rs 268.42 lakh crore in opposition to Rs 270.42 lakh crore within the earlier session.

Here is a take a look at what analysts mentioned in regards to the path the market is more likely to take at present.  

Prashanth Tapse – Analysis Analyst, Senior VP (Analysis), Mehta Equities

“The road shall be anxiously awaiting the RBI September MPC Meet consequence to trickle in on Friday. Technically, the Nifty’s help is seen at 16,277-16,438 zone. So long as it holds the help stage there’s a shiny likelihood that Nifty might bounce to 17,321 after which at 17,727 mark.”

Deepak Jasani, Head of Retail Analysis, HDFC Securities

“Nifty continued its down transfer and now the 16,653-16,752 band might present help for the close to time period. On up strikes,16,978 might provide resistance.”

Nagaraj Shetti, Technical Analysis Analyst, HDFC Securities

“Nifty is now positioned on the essential help of 16,800 ranges as per the idea of change in polarity. The mentioned stage has been an important worth space previously and has witnessed important strikes from its helps and its resistances previously. Having declined right down to the help, there’s a risk of a minor pullback rally available in the market from close to 16,800-16,750 ranges within the subsequent 1-2 periods. Rapid resistance is positioned at 17,000 ranges.”

Additionally learn: Sensex, Nifty sink for sixth straight session; metallic, banking shares high losers

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