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The benchmark Indices closed on a negative note with Sensex down 0.68 percent and Nifty 50 down 0.83 percent mostly led by metal and banking stocks with Nifty Metal closing down at 3.21 percent and Nifty Bank declining 1.04 percent.

Equity benchmarks extend losses, in line with Asian peers, as traders weighed Fed minutes that flagged the possibility of asset purchases, said Mohit Nigam, Head-PMS, Hem Securities. Metal stocks are witnessing profit booking after China said it would strengthen its management of commodity supply and demand to curb unreasonable increases in prices.

"Fertiliser stocks gained after the government decided to increase the subsidy for DAP fertilizer from Rs 500 per bag to Rs 1,200 per bag, which is an increase of 140 percent," Nigam said.

Cipla, M&M and BPCL were among the top gainers in Nifty 50 while Tata Steel, Hindalco and Coal India were among the top losers in Nifty 50 today. Immediate support and resistance are intact at 14,800 and 15,000, decisively crossing 15,000 level can bring fresh high for Nifty 50, Nigam added.

Technically, the Nifty index has failed to sustain above the Falling Trendline and closed below the 15,000 marks. Moreover, the index has also faced immediate resistance at the Upper Band of Bollinger formation that suggests a bearish move for the near term, said Sumeet Bagadia, Chief Executive, Choice Broking. "The index has also confirmed Shooting Star candlestick pattern breakdown, which is a sign of further correction. An oscillator Stochastic showed a negative crossover on the daily chart, which indicates some correction for the upcoming trading session. At present, the Nifty is holding support at 14,750 while an upside resistance seems to be at 15,150," he said.

Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities, said the formation of an inverted hammer on Wednesday served as a bearish formation for the market. "Although the market fell, the decline was not severe. The market breadth remained at 1: 1 which is an indicator of mixed sentiment in the market. The support exists at 14,860 and at 14,800 levels. On the higher side, 14,970 and 15,070 would be major hurdles," he added.

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