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

Benchmark indices snapped four days of losing streak on Friday led by gains in auto, capital goods and consumer durables shares. Sensex gained 344 points to close at 53,760 and Nifty rose 110.55 points to 16,049.

Midcap and small cap indices rose 191 points and 134 points, respectively. Auto, capital goods and consumer durables shares were the top sectoral gainers, with their BSE indices rising 649 points, 401 points and 588 points, respectively.

Market breadth was positive with 1,789 stocks ending higher against 1,497 stocks falling on BSE, while 148 shares were unchanged.

Market cap of BSE-listed firms rose to Rs 251.95 lakh crore on BSE against Rs 251.06 lakh crore in the previous session.

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

Mohit Nigam, Head - PMS, Hem Securities

"On the technical front, the key resistance level for Nifty 50 is 16,150 and on the downside 15,950 can act as strong support. The key support and resistance levels for Bank Nifty are 34,400 and 35,000, respectively."

Siddhartha Khemka, Head - Retail Research, Motilal Oswal

"On the domestic front, monsoon is progressing well with rains being 13% surplus which can boost rural economy. As the results season gains momentum, more stock specific action would be seen in the market. Going ahead, market is likely to continue its range bound movement as the tug of war continues between global and domestic cues."

Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities

"A strong possibility of a fresh uptrend rally is likely, if the index trades above 16,000-16,050, which is a short-term resistance zone. Above the same, the index could rally till 16,200-16,300. On the flip side, a close below 50-day SMA or 15,850 could trigger a fresh round of selling. Below which the index could slip till 15,700-15,650.”

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