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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 zoomed 934 points to 52,532 and Nifty surged 288 points to end at 15,638 in the previous session.

The market cap of BSE-listed firms rose by Rs 5.8 lakh crore to Rs 240.66 lakh crore on Tuesday against Rs 234.86 lakh crore market cap in the previous session. The market cap of BSE-listed firms rose by Rs 5.8 lakh crore to Rs 240.66 lakh crore on Tuesday against Rs 234.86 lakh crore market cap in the previous session.

The Indian market ended higher for the second consecutive session on June 21 amid positive global indices. Sensex zoomed 934 points to 52,532 and Nifty surged 288 points to end at 15,638.

The market cap of BSE-listed firms rose by Rs 5.8 lakh crore to Rs 240.66 lakh crore on Tuesday against Rs 234.86 lakh crore market cap in the previous session.

Titan, SBI , TCS and HCL Tech and Bharti Airtel were the top Sensex gainers rising up to 5.92 per cent. Nestle was the sole Sensex loser, falling 0.26 per cent.

All 19 BSE sectoral indices ended in the green.

Consumer durables, oil and gas and banking stocks were the top sectoral gainers with their BSE indices ending 1,333 pts, 990 pts and 579 points higher, respectively.

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

"15,670-15,740 could be a near-term resistance for the Nifty. Once this band is breached, 15,863-15,886 could be the next resistance. Investors may prepare a list of stocks that they would like to offload in this bounce to raise cash. Nervousness in the markets will keep coming up unless we see signs of inflation stabilising and reversing globally which can be an early sign of bottom formation."

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

"On daily charts, Nifty has formed a promising bullish candle which supports a further uptrend from the current levels. However, the medium-term trend is still on the weak side. For the traders, the support has shifted to 15500 from 15250 on the Nifty (and from 51,300 to 52000 on BSE). As long as, the Nifty is trading above 15,500 (BSE below 52000) the chances of hitting 15750 (BSE 52900) would turn bright. Further upside may also continue, which could lift the Nifty up to 15850 (BSE to 53200 level)."

Mohit Nigam, Head - PMS, Hem Securities

"On the technical front, immediate support and resistance for Nifty50 is 15,400 and 15,800 levels. In case of Bank Nifty, 32,700 may act as immediate support and 33,700 may act as immediate resistance level."