After a heavy sell off witnessed in past two sessions, Indian markets recovered sharply from its lows and snapped two-day losing streak, as once again Nifty indices reclaimed a move above 16,750 levels. However markets remain choppy as tug of war between bulls and bears kept markets on volatile path.

From derivative front, Put writers added marginal open interest at 17500 strike while Call writers are seen shifting at higher bands.

From technical front, markets are expected to remain volatile and likely to trade in broader range of 16,500-17,000. At current juncture, Nifty is still holding above its 200-day exponential moving average which is placed around 16,300 levels on daily charts.

One can expect further downside possibility in prices only if Nifty manages to breach its long term moving average.