Bulls vs Bears: Here's what to expect on Dalal Street today
Sensex rose 37 points or 0.06% to settle at 58,803 and Nifty slipped 3 points or 0.02% to close at 17,539 in the previous session.
- Sep 5, 2022,
- Updated Sep 5, 2022 7:20 AM IST
Benchmark indices ended the week on a mixed note, taking cues from the weak trend in the global markets. Sensex rose 37 points or 0.06 per cent to settle at 58,803 and Nifty slipped 3 points or 0.02 per cent to close at 17,539 on Friday. Of 30 Sensex stocks, 11 ended in the green. HDFC, ITC and L&T were the top Sensex gainers, rising up to 1.75 per cent. Maruti, Reliance Industries and IndusInd Bank were the top Sensex losers, falling up to 1.19 per cent. Mid-cap and small-cap indices on BSE fell 90 points and gained 11 points, respectively. Market cap of BSE-listed firms stood at Rs 278.40 lakh crore.
Here's a look at what analysts said about the direction the market is likely to take today.
Deepak Jasani, Head of Retail Research, HDFC Securities
"Nifty had a small range trading session on Sept 2 ahead of the US jobs report due in the evening. It made a higher bottom compared to the previous day. On a weekly basis too, Nifty was down just 0.11% after a very weak opening on Monday. Nifty needs to break out of 17401-17778 band for further cues on directions."
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities
"We are of the view that directional upside move is possible only after the 17,700 breakout. Above which, the index could move up to 17,900-18,000. On the flip side, below 17,450 the index could retest the level of 17,250-17,150.”
Apurva Sheth, Head of Market Perspectives, Samco Securities
"While the other global indices appear to be following a similar structure Indian markets are outperforming. At the moment, the level of 17,150 is likely to serve as a key support zone. We recommend that traders maintain a bullish bias and buy on dips as long as the mentioned support is protected."
Also read: Weekly market wrap: Sensex, Nifty end flat; these BSE 500 stocks rallied up to 44%
Also read: Sensex, Nifty close flat in volatile session; Maruti, RIL, IndusInd top losers
Benchmark indices ended the week on a mixed note, taking cues from the weak trend in the global markets. Sensex rose 37 points or 0.06 per cent to settle at 58,803 and Nifty slipped 3 points or 0.02 per cent to close at 17,539 on Friday. Of 30 Sensex stocks, 11 ended in the green. HDFC, ITC and L&T were the top Sensex gainers, rising up to 1.75 per cent. Maruti, Reliance Industries and IndusInd Bank were the top Sensex losers, falling up to 1.19 per cent. Mid-cap and small-cap indices on BSE fell 90 points and gained 11 points, respectively. Market cap of BSE-listed firms stood at Rs 278.40 lakh crore.
Here's a look at what analysts said about the direction the market is likely to take today.
Deepak Jasani, Head of Retail Research, HDFC Securities
"Nifty had a small range trading session on Sept 2 ahead of the US jobs report due in the evening. It made a higher bottom compared to the previous day. On a weekly basis too, Nifty was down just 0.11% after a very weak opening on Monday. Nifty needs to break out of 17401-17778 band for further cues on directions."
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities
"We are of the view that directional upside move is possible only after the 17,700 breakout. Above which, the index could move up to 17,900-18,000. On the flip side, below 17,450 the index could retest the level of 17,250-17,150.”
Apurva Sheth, Head of Market Perspectives, Samco Securities
"While the other global indices appear to be following a similar structure Indian markets are outperforming. At the moment, the level of 17,150 is likely to serve as a key support zone. We recommend that traders maintain a bullish bias and buy on dips as long as the mentioned support is protected."
Also read: Weekly market wrap: Sensex, Nifty end flat; these BSE 500 stocks rallied up to 44%
Also read: Sensex, Nifty close flat in volatile session; Maruti, RIL, IndusInd top losers