Market set to see pullback move
The Mid-Cap space then witnessed a sharp recovery from the lows and a gradual up move was seen throughout the session.
After a volatile trading session benchmark indices Sensex and Nifty-50 closed in the green. US Federal Reserve meeting outcome could lead to decisive move in the market on Thursday.
The Sensex was up 83.88 points or 0.22 per cent closing at 37481 after a weak opening that saw the Index dip to a low of 37128.26 but later recovered to touch a high of 37576.37.
The Nifty-50 Index closed 32.60 or 0.29 per cent up at 11118, earlier the Nifty dipped to a low of 10999.40 breaching the 11000 mark in the intra-day trade.
The border market saw some recovery too with BSE Mid-Cap Index up 0.72 per cent and BSE Small-Cap Index up 0.34 per cent.
Technical View
Ruchit Jain, Technical Analyst-Equity, Angel Broking said, "Post a sharp sell-off on Wednesday, the Nifty Index opened on a negative note and the broader markets witnessed a sharp sell-off as the market breadth nose dived to continue the Tuesday's momentum. However, the Index took support tad above the 11000 mark and recovered gradually for rest of the session to end above 11100."
"The Mid-Cap space then witnessed a sharp recovery from the lows and a gradual up move was seen throughout the session. However, most of the Index heavyweights consolidated in a narrow range which restricted any significant up move in the benchmark Index. Wednesday's price action indicates that the broader market could see a pullback move in near term. As far as levels are concerned, 10950-11000 would be seen as immediate support whereas a pullback move could lead the Index towards 11250 - 11300 range," Jain said.
Market View
Gaurav Dua, Senior Vice President and Head- Capital Market Strategy, Sharekhan by BNP Paribas said, "Despite the weak global cues, the Indian market staged a strong broad-based recovered from the intra-day low bouncing from the key support level. On the flip side, the slide in heavyweights like Reliance Industries continues for the straight seventh day and the Nifty Bank Index also underperformed the benchmark indices; thereby putting a question mark on sustainability of the reversal seen on Wednesday. The outcome of the US Federal Reserve Meet and the quarterly results will influence the near term market movement."