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

Benchmark indices ended higher on Monday, tracking gains in global equity markets and buying in index majors ICICI Bank and Hindustan Unilever. Sensex gained 326.84 points to end at 53,234 and Nifty closed 83.30 points higher at 15,835.35. BSE midcap and small cap indices rose 178 and 143 points, respectively.

Banking stocks were the top sectoral gainers with their BSE index rising 415 pts to 39,041. BSE FMCG index too gained 350 points. On the other hand, BSE metal index was the top loser ending 232 points lower at 15,380. Market breadth was positive with 2,020 stocks ending higher against 1,365 stocks falling on BSE. 181 shares were unchanged.

Here's a look at what analysts said about the direction the market is likely to take today.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The short-term trend of Nifty continues to be positive with range movement. The market is now showing signs of witnessing a decisive upside breakout of the important resistance of 15,900 levels in the next 1-2 sessions. A sustainable upmove above 15,900-15,950 is expected to pull Nifty towards the next resistance of 16,300 in the short term. Immediate support is placed at 15,750."

Prashanth Tapse, Vice President (Research), Mehta Equities

 "It appears investors are looking forward to a recovery, and the bullish takeaway is that probably Nifty could shoot to the psychological 16000 mark with an interweek perspective. Technically, for Tuesday's trade, Nifty's biggest support is seen at 15711. Below the interweek support at 15457, expect a waterfall of selling. Nifty's major hurdle is seen at 15927 and then all eyes on the 16,181 mark."

Rupak De, Senior Technical Analyst, LKP Securities

"The daily RSI is in the bullish crossover. Over the short term, the index may move towards 16000/16200. On the lower end, support is visible at 15700/15500."

Deepak Jasani, Head of Retail Research, HDFC Securities

"As expected, Nifty seems to have started its slow journey up. It can face resistance at 15,927 and then at 16,173. On falls, 15,662 remains support."