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

Equity market ended higher for the fourth session on Monday, tracking firm global cues and fresh foreign fund inflows. Sensex climbed 545.25 points to end at 58,115.50. During the day, the index jumped 600.42 points or 1 per cent to 58,170.67.
 
Nifty gained 181.80 points or 1.06 per cent to 17,340.05. Mid-cap and small-cap indices rose 362 points and 399 points, respectively.
 
Auto, banking, capital goods and consumer durables stocks were the top sectoral gainers with their BSE indices zooming 927 points, 443 points, 453 points and 456 pts, respectively.
 
All 19 BSE sectoral indices ended in green. Market breadth was positive with 2,308 stocks ending higher against 1,157 shares falling on BSE. 191 shares were unchanged.
 
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
 
"Nifty has started the week and new month on a positive note. It is now close to a 15-week high. Going by the current momentum, Nifty could test 17,457-17,651 band over the next few days. A lot of up gaps on the way up also raise the possibility of these gaps being filled after Nifty makes an intermediate top."
 
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
 
"For traders, 17,250 would act as a key support level, above which the index could move up to 17,450-17,500 levels. On the flip side, a quick intraday correction is possible below 17,250, below which the index would retest the level of 17,150-17,100."
 
Rupak De, Senior Technical Analyst, LKP Securities
 
"The uptrend continues in the market as the bulls' invasion of the 17,000-17,500 zone continues. The trend is likely to remain positive as long as the benchmark index sustains above 200 DMA, placed at 17,025. Over the near term, 17,000 is likely to act as crucial support; whereas on the higher end, 17,500 may act as crucial resistance. Again, above 17,500, the Nifty may move up towards 18,000."

Also read: Sensex reclaims 58K, Nifty nears 17,350; auto, banking shares top gainers