After breaking 5500, next target for Nifty at 4916: CLSA

Here are experts’ equity calls for the day on how the market is expected to trade:

Laurence Balanco of CLSA: The Nifty's technical structure has deteriorated further following the break below 5500 support. This breakdown ends over 10-months of ranging price action and provides us with a downside target of 4,916. On the currency side the recent break above the July 2013 highs opens the door for further weakness towards the next resistance at the 67-68 per dollar area.

Also Read - Rupee to hover in 62.5-63.5/$ today on RBI moves: HDFC Bank

Rakesh Arora of Macquarie: It was mayhem that we saw, but the bright spot was the bottoming out of the steel sector. Clearly domestic economy-related sectors are coming under pressure and even the loved defensives are being questioned. We would recommend following earnings upgrades as a prudent stock selection criterion and be wary of stocks over owned by FIIs.