Tech view: Bias negative for now

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The markets after an extremely volatile session ended with marginal losses on Wednesday. The Sensex had tumbled to a low of 16,858 in opening trades, but however it managed to recover most of its losses and eventually settled 49 points lower at 17,088.

Among the index stocks - Bharti Airtel surged over 2.5% to Rs 298. Wipro and Maruti were the other major gainers. On the other hand, Jaiprakash Associates shed 4.5% at Rs 134. Sterlite, Reliance Infrastructure, Hero Honda and Hindustan Unilever were the other major losers.

Despite yesterday's recovery, the bias remains clearly negative following the breakdown on Tuesday. In fact, the support of 17,260 now becomes a major hurdle, and as long as the index stays below it the bears are likely to have the upper hand.

Today, the index is likely to face resistance around 17,190-17,220-17,250, while on the down side the index will seek support around 16,990-16,955-16,925.

The NSE Nifty moved in a range of 92 points, from a low of 5,057 the index recovered sharply and finally settled with a loss of 24 points at 5,125.

The Nifty is likely to face resistance around 5,160-5,180, while seek support around 5,090-5,065.