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The domestic market has started the day on a subdued note, wherein the benchmark index remained in a narrow range for most of the period with no clear direction. The tentativeness ahead of the upcoming Fed meet was evident among the market participants. Eventually, the lackluster session ended on a negative note with a mere cut of 0.25 percent, a tad below the 16700 mark.

The index slipped to the day’s low by the end of the session, indicating the nervousness about the Fed outcome. Till now, the critical support of the 15650-15700 zone has proved its mettle as it was respected for the third consecutive session. However, as we advance, any global distress could disrupt the technical structure, and the index could plunge lower. As far as levels are concerned, a decisive breach below the mentioned support could drag the index towards the 15450-15500 zone. While on the higher end, the 15850-15900 is seen as immediate resistance, followed by the psychological mark of 16000.

Going forward, the market is likely to remain volatile, mirroring the global bourses. We reiterate to keep a close tab on the Fed meet outcome and the aftermaths on the equity space. Also, one should continue with the stock-specific approach, as even though the indices may not be doing much, the individual stocks are not at all short of action. Hence one should continue to identify such potential movers and trade accordingly.