After a sharp rally on Tuesday the market has been trading amidst volatility with support around 3615 and resistance around 3720. “The Nifty is trading above the 20-HMA, i.e. is around 3615, which is a crucial support going forward,” said a report of Sharekhan.

The momentum indicator has given a negative crossover but is still trading in the positive zone. The market breadth is positive with 718 advances and 397 declines. On the daily charts, support at 3260 and strong resistance at 3750 are indicated.

“On the hourly charts, the Nifty has broken out of a triangular pattern on the upside. The momentum indicator is in the negative zone but it has a positive crossover. Support at 3615 and strong resistance at 3720 are indicated on the hourly charts,” the report added.

Of the 30 stocks of the Sensex, Tata Steel (down 3.14%), ONGC (down 2.595), Sterlite (down 2.58%), HDFC Bank (down 2.5%) and M&M (down 2.5%) were the top losers.

“Infosys is looking negative and is likely to test Rs 1450 on the downside. It has strong resistance at Rs 1610. Among the sectors, the metal sector has gained momentum and is expected to move downward,” Sharekhan concluded.