Bulls vs Bears: Here's what to expect on Dalal Street today and more

The Indian stock market closed lower for the third consecutive session on Tuesday as global growth concerns rattled indices worldwide. Sensex declined 843 points to end at 57,147. During the day, it tumbled 941 points to 57,050. Nifty fell 257 points to close at 16,983. IT, consumer durables, capital goods and metal stocks were the top sectoral losers with their indices falling 603 points, 856 points, 429 points and 578 points, respectively.

Here's a look at what analysts said about the direction the market is likely to take today:  

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

"Long bearish candle on daily charts and lower high formation on intraday charts is indicating further weakness from the current levels. The correction wave is likely to continue till 16,850-16,800. On the flip side, 17,050 would be the key intraday resistance zone, above which a minor pullback rally is possible till 17,100-17,125.”

 Rupak De, Senior Technical Analyst, LKP Securities

"On the daily chart, the index has slipped below the psychological 17,000 mark. Besides, the Nifty fell below 200DMA briefly before closing a bit higher. The trend looks weak, a fall below 16,980 may trigger a selling pressure in the market with a potential to fall towards 16,800. On the higher end, resistance is visible at 17,100."

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The short-term trend of Nifty remains weak and the downside momentum has started to pick up from the lower highs. One may expect Nifty to slide down to the important support zone of around 16,800-16,700 levels in the next few sessions, before showing another round of upside bounce from the lows. Immediate resistance is placed at 17,130-17,150 levels."

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