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Bulls vs Bears: Here's what to expect on Dalal Street today

Bulls vs Bears: Here's what to expect on Dalal Street today

Sensex rose 433 points to 53161 and Nifty gained 132 points to 15,832 in the previous session.

Market breadth was positive with 2,383 stocks ending higher against 1046 stocks falling on BSE. Market breadth was positive with 2,383 stocks ending higher against 1046 stocks falling on BSE.

The Indian market ended higher for the third straight session on June 27 amid positive global cues. Sensex rose 433 points to 53161 and Nifty gained 132 points to 15,832.

L&T, HCL Tech, Infosys and Tech Mahindra were the top Sensex gainers, rising up to 2.99 per cent. Kotak Bank, RIL and Titan were the only Sensex losers, falling up to 0.45 per cent.

Market breadth was positive with 2,383 stocks ending higher against 1046 stocks falling on BSE. 146 shares were unchanged. Capital goods and IT stocks were the top sectoral gainers with their BSE indices ending 574 pts and 567 points higher, respectively.

All 19 BSE sectoral indices ended in the green.

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

"Currently, the market is trading near its important resistance level and the texture of the chart suggests there is a strong possibility of a quick intraday correction from the current levels. For day traders, 15900 and 15925 would act as immediate resistance levels. Below the same, the correction wave is likely to continue till 15750-15700. On the flip side, above 15925 breakout, the index could move up to 16000. Contra traders can take a long bet near 15700 with a strict support stop loss of 15660."

Deepak Jasani, Head of Retail Research, HDFC Securities

"Volumes on the NSE continue to be on the lower side suggesting lack of conviction on the part of traders to take a big bet. Nifty in the current uptrend has entered the 15,886-16,172 downgap area but has so far hesitated to build on gains. 15,927-15,638 could be the range for the Nifty in the near term."

Om Mehra, Research Associate, Choice Broking

"The trend may remain bullish for the shorter term but simultaneously profit booking from higher levels is expected as we are inching towards monthly expiry. Technically, sustaining above 16,000 levels on Nifty this week could result in acceleration of the uptrend, while 15,550 needs to be protected on the downside. If the Nifty breaches 15,350 on the downside, then the recent bullishness gets negated. On the other hand, bank Nifty has support at 33,000 levels while resistance at 34,500 levels."