The market sentiment remains negative but markets would witness further bouts of relief rally as they are placed in the oversold zone. Now, it is important that the markets witness buying support at regular intervals for them to move higher and test the 200-day SMA. Some positive news flow is required especially from the government for triggering follow-up buying support at higher levels. It is also important that the rupee stops depreciating further. In the meanwhile, the markets would take cues from the ongoing result season, global markets and the crude prices.
Technically, on the upside Sensex faces resistance at the 16517, 17000, 17319, 17504 and 17665 levels and seeks support at the 16037, 15450 and 15000 levels. The support levels for the Nifty are placed at 4777, 4742 and 4636 while it faces resistance at the 4950, 5070, 5106 and 5250 levels. Investors should wait and watch.
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