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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 closed 214 points higher at 58,350 and Nifty gained 42 points to 17,388 in the previous session.

Mid-cap and small-cap indices fell 147 points and 78 points, respectively. Mid-cap and small-cap indices fell 147 points and 78 points, respectively.

Indian market closed higher for the sixth straight session in highly volatile trade led by gains in IT stocks. Sensex closed 214 points higher at 58,350 and Nifty ended at 17,388, up 42 points on Wednesday. Of 30 Sensex stocks, 17 ended in the green.

Mid-cap and small-cap indices fell 147 points and 78 points, respectively. IT shares were the top sectoral gainers with their BSE index zooming 375 points to 29,801.

Market breadth was negative with 1,372 stocks ending higher against 1,975 stocks falling on BSE, while 137 shares were unchanged.

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

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

"We are of the view that 17,200 and 17,300 would be the key support zones for the traders. As long as the index is trading above the same, the uptrend texture is likely to continue above which, it could move up to 17,500-17,550. On the flip side, for the trend following and positional traders, 17,200 would be the sacrosanct support level.”

Kunal Shah, Senior Technical Analyst, LKP Securities

"The index needs to close above 38,200 for a continuation of the uptrend towards the level of the 38,500-38,700 zone. The index downside support stands at 37,500 and if breached will witness further selling pressure towards the 37,000 zone. The index will give a clear direction once a policy is announced."

Deepak Jasani, Head of Retail Research, HDFC Securities

"Nifty refuses to build on the intraday losses, hence one more up move seems pending. 17,457-17,530 could be the resistance band for the Nifty in the near term while a breach of 17,155 could result in the acceleration of downtrend."