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“We believe volatility is here to stay and it could take a few more months and some kind of stability in both geopolitical situation as well as the commodity situation for markets to stabilise from here on. The next few months are going to be challenging particularly on the macroeconomics front. All your assumptions for fiscal deficit, current account deficit, currency stability will come into question.”

The market has been choppy in the last two months due to concerns over monetary tightening, rising inflation and an ongoing war in Europe that has threatened the supply chain of many commodities.

Analysts said the index may continue to see resistance at high, but said a close above 16,750-16,820 range can bring in more upside ahead.

The Nifty IT index closed 0.12 per cent down at 35399.1.

In the previous trade, the precious metal finished at Rs 53,627 per 10 grams.

“On a broad level, the whole market needs to go down a lot further. This is just a sharp bull market correction. I expect the banking index to bottom out around 27,000 and the Nifty somewhere around 14,000. That is the price I have for July-August and before that, we get to see one bump up and then the markets will decline.”

On Wednesday, the rupee had appreciated 38 paise to close at 76.62 against the US dollar following a retreat in crude oil prices and rebound in domestic equities.

The Nifty Auto index closed 1.9 per cent up at 10019.35.

Banks, another large pool of profits, should benefit from better credit cost because metals are a large source of stress and they would be beneficiaries of higher metal prices.

Also, the company may explore a pre-IPO placement of up to Rs 1,200 crore. If such a placement is completed, the issue size will be reduced.