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

Indian equity market snapped a six-day losing streak on Monday amid positive global cues. Sensex rose 237 points to settle at 51,597 and Nifty gained 56 points to close at 15,350.

BSE mid-cap and small-cap indices slipped 296 points and 711 points, respectively.

The market cap of BSE-listed firms fell to Rs 234.86 lakh crore against Rs 236.77 lakh crore market cap in the previous session. HDFC, HUL, UltraTech Cement, Asian Paints, and HDFC Bank were the biggest Sensex gainers, rising up to 3.97 per cent.

Tata Steel, IndusInd Bank, NTPC, and RIL were among the top Sensex losers, falling up to 5.03 per cent in the previous session.

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 

"Fall in crude oil prices has given some positive cues to markets like India and resulted in fall in bond yields. Nifty seems to have stabilised on a day when the US markets are shut. Having formed a double bottom at 15,183-15,191, Nifty could head towards 15,670, if no new negative developments crop up on the horizon."

Om Mehra, Research Associate, Choice Broking

"The Nifty may find support around 15,120 followed by 15050 levels while on the upside 15750 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32000 levels while resistance is placed at 33550 levels. Overall, some sectors may bounce on a rotation basis; however, sell on the rise would be advisable in coming days until 15,800 levels are attained."

Kunal Shah, Senior Technical and Derivative Analyst, LKP Securities

"The index is still trading in a downtrend with lower high and lower low formations intact. On the daily chart. The immediate resistance on the upside is placed at 33,100 level and a break above this can witness some short covering. The downside support stands at 32,400 and a breach below this will lead to a fresh round of selling pressure."