The Indian market ended the day on a mixed note but slipped more than 1 percent in the week ended May 14. The S&P BSE Sensex closed 42 points higher at 48,733, while the Nifty50 ended the day 0.13 percent lower at 14,677.
Sectorally, buying was seen in FMCG, capital goods and consumer durables, while selling was seen in metals, realty, public sector and utilities.
"Market swung between gains and losses in today’s volatile trade as gains in consumer and capital goods were countered by losses in metals and auto stocks,†Vinod Nair, Head of Research at Geojit Financial Services said.
“Owing to a decline in food prices, April’s retail inflation eased to 4.29 percent, while industrial production for March registered a growth of 22.4 percent supported by a lower base.  Global markets traded with optimism on Fed official comment stating that they are not much concerned about long-term inflation,†he said.
Here is what experts say investors should do on May 17:
Chandan Taparia, Vice President | Analyst-Derivatives, Motilal Oswal Financial Services Limited
The Nifty50 formed a Bearish Belt Hold candle and started to form lower highs-lower lows from the last three trading sessions.
Now, the index has to cross and hold above 14,750 to witness stability and an up move towards 14,900 then 15,000, while on the downside, support exists at 14,600 and 14,500.
Rohit Singre, Senior Technical Analyst at LKP Securities
The index closed the week at 14,678 with a loss of nearly a percent and formed a dark cloud cover sort of candle pattern on the weekly chart which is a bearish reversal candle by nature.
Supports are still placed at 14,600-14,500 and we may see some extension in the current pullback towards the strong hurdle zone of 14,800-14,950 zone where one can lock in their profits.
Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited
The market continues to trade in the range between the levels of 14,600 and 14,750. As of now, the short-term technical condition indicates that a sideways correction is in the process.
Traders should refrain from building a fresh buying position until further improvement is seen and there is a breakout above 14,800.
Mazhar Mohammad, Chief Strategist, Technical Research & Trading Advisory, Chartviewindia.in
The level of 145,91 can be of technical significance in the near term and if the Nifty manages to sustain above the said low, it can bounce towards the higher end of the trading range with an initial target of 14,890.
A close observation of the last three weeks' price action on weekly charts reveals that the Nifty may be chalking out a consolidation range between 15,054 and 14,421 levels. It needs to emerge out of this trading range to witness a decisive move in either of the directions.
For the time, traders are advised to remain neutral on the long side, whereas intraday shorting can be considered below 14,570 for a target of 14,420 levels.
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