Bulls vs Bears: Here's what to expect on Dalal Street today
Sensex rose 54 points to 59,085 and Nifty ended 30 pts higher at 17,607 in the previous session. Mid-cap and small-cap indices on BSE gained 199 points and 203 points, respectively.
- Aug 25, 2022,
- Updated Aug 25, 2022 7:32 AM IST
The Indian market managed to close in the green in a highly volatile session on Wednesday. Sensex rose 54 points to 59,085 and Nifty ended 30 pts higher at 17,607. Of 30 Sensex stocks, 15 ended in the green today. Mid-cap and small-cap indices on BSE gained 199 points and 203 points, respectively.
Capital goods and banking stocks were the top sectoral gainers with their BSE indices zooming 251.20 points, and 297 points, respectively.
IT shares were the top sectoral losers with their BSE index losing 53 pts to 29,452. Market breadth was positive with 2,112 stocks ending higher against 1,291 stocks falling on BSE. 143 shares were unchanged.
Here's a look at what analysts said about the direction the market is likely to take today:
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
"Technically, post sharp reversal formation, the Nifty is witnessing a range bound activity, while on intraday charts, it has formed a higher bottom formation, which supports the continuation of a pullback rally in the near future. For traders, 17,500 would be the sacrosanct support zone and above which, the index could rally till 17,700-17,750. On the flip side, the bullish sentiment could change if the index trades below 17,500 and below the same the index could retest 17,400-17,350 level."
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
“Medium term outlook remains positive with buying on dips advisable. In the short term, expect volatility to remain high on account of global markets. IT and select energy stocks look attractive at current levels while metals and cement continue to consolidate.”
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
"The market is in an attempt to come back from the lows and further sustainable up move from here could bring bulls into a driver's seat. Immediate resistance to be watched at 17,650 and a sustainable move above this area is expected to pull Nifty towards another hurdle of 17,850 levels in the short term."
Also read: Wall St ticks lower as investors await Fed rate hike clues
The Indian market managed to close in the green in a highly volatile session on Wednesday. Sensex rose 54 points to 59,085 and Nifty ended 30 pts higher at 17,607. Of 30 Sensex stocks, 15 ended in the green today. Mid-cap and small-cap indices on BSE gained 199 points and 203 points, respectively.
Capital goods and banking stocks were the top sectoral gainers with their BSE indices zooming 251.20 points, and 297 points, respectively.
IT shares were the top sectoral losers with their BSE index losing 53 pts to 29,452. Market breadth was positive with 2,112 stocks ending higher against 1,291 stocks falling on BSE. 143 shares were unchanged.
Here's a look at what analysts said about the direction the market is likely to take today:
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
"Technically, post sharp reversal formation, the Nifty is witnessing a range bound activity, while on intraday charts, it has formed a higher bottom formation, which supports the continuation of a pullback rally in the near future. For traders, 17,500 would be the sacrosanct support zone and above which, the index could rally till 17,700-17,750. On the flip side, the bullish sentiment could change if the index trades below 17,500 and below the same the index could retest 17,400-17,350 level."
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
“Medium term outlook remains positive with buying on dips advisable. In the short term, expect volatility to remain high on account of global markets. IT and select energy stocks look attractive at current levels while metals and cement continue to consolidate.”
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
"The market is in an attempt to come back from the lows and further sustainable up move from here could bring bulls into a driver's seat. Immediate resistance to be watched at 17,650 and a sustainable move above this area is expected to pull Nifty towards another hurdle of 17,850 levels in the short term."
Also read: Wall St ticks lower as investors await Fed rate hike clues