Analysts said the drop in the indices has been measured because of continued flows from foreign funds, absorbing majority of the selling by domestic institutions.
Both indices have shed almost 1.6 per cent in the past three days. Analysts said the Nifty could find support at around 15,000.
On Thursday, Foreign Portfolio Investors net bought shares worth Rs 903 crore, while Domestic Institutional Investors were sellers to the tune of Rs 1,217 crore.
ICICI Securities has set a target of 16,300 on the Nifty after December quarter results surprised investors.
“We believe the environment is turning favourable in terms of a counter-cyclical fiscal policy with focus on capex, pro-growth policies, lower interest rates, ample liquidity and optimism around a fully-operational economy as Covid cases recede (although cases are increasing in some geographies),” the brokerage said.