The market has opened on the higher side on Wednesday. The Sensex is currently at 19,287, up 160 points from the previous close. Nifty is at 5747, up 49 points.

The intermediate downtrend in the market still continues, says E Mathew, technical analyst, on CNBC-TV18. The market is still in a corrective phase. The Nifty has huge resistance at 5780-5800, he adds.

Essar Oil is showing strength on the monthly charts, says Anil Maghnani, technical analyst, on CNBC Awaaz. The next target price for the stock is at Rs 270,