Benchmark indices ended higher on Thursday amid positive global cues. Sensex rose 427 points to 54,178 and Nifty gained 143 points to 16,132. BSE midcap and smallcap indices gained 265 points and 328 points, respectively.
Consumer durables, banking and metal shares were the top sectoral gainers with their BSE indices rising 1,164 points, 667 points and 691 points, respectively. Market breadth was positive with 2,266 stocks ending higher against 1,022 stocks falling on BSE. 150 shares were unchanged. Market cap of BSE-listed firms rose to Rs 250.64 lakh crore today against Rs 248.36 lakh crore in the previous session.
Here's a look at what analysts said about the direction the market is likely to take today.
Prashanth Tapse, Vice President (Research), Mehta Equities
"Technically speaking, if Nifty holds above its make-or-break supports at 15789 mark, then the interweek trading theme could shift to 'Enthused Bulls and Arrested Bears."
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
"A small positive candle was formed with a long lower shadow. Technically, this pattern indicates a continuation of up move post upside breakout of the crucial overhead resistance at 15,900 levels. After the upside breakout of the hurdle at 15,900 levels recently, the market is now advancing towards another hurdle of the previous opening downside gap of June 13 at 16,175 levels. Hence, a sustainable move above 16,200 levels could open further sharp up move ahead. Immediate support is placed at 16,000 levels."
Osho Krishan, senior analyst - Technical & Derivative Research, Angel One
"Going forward, our market is likely to remain upbeat in the near term, wherein any minor dip could be seen as an opportunity for the bulls to add long positions. From here on, we may expect gradual moves in key indices, but individual pockets are now likely to outshine. Hence, it's advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities. Also, we would like to reiterate not being complacent with the gains and staying abreast with daily developments across the globe."
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