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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 rose 89 points to 58,387 and Nifty gained 7 points to 17,389 in the previous session.

Market cap of BSE-listed firms stood at Rs 271.26 lakh crore. Market cap of BSE-listed firms stood at Rs 271.26 lakh crore.

The Indian market ended higher on Friday after a day of losses led by gains in IT and banking stocks. Sensex rose 89 points to 58,387 and Nifty gained 7 points to 17,389. Of 30 Sensex stocks, 16 ended in the green.

Mid-cap and small-cap indices on BSE rose 21 points and 63 points, respectively.

Banking and IT shares were the top sectoral gainers with their BSE indices zooming 203 points and 217 points, respectively. Market breadth was positive with 1,861 stocks ending higher against 1,489 stocks falling on BSE. 159 shares were unchanged.

Market cap of BSE-listed firms stood at Rs 271.26 lakh crore.

Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 1,474.77 crore on Thursday, as per exchange data.

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

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The short-term trend of Nifty continues to be choppy with high volatility. As long as Nifty stays below the hurdle of 17,500, there is a possibility of muted movement in the market. A sustainable move above 17,500 could open the next upside targets of 17,800-17,900 levels in the near term. Immediate support is placed at 17,200 levels."

Prashanth Tapse, Research Analyst, Senior VP (Research), Mehta Equities

"Confirmation of strength for Nifty is only above 17,557, while the immediate support is seen at 17,121 and below the same, expect Nifty to quickly slip towards 16,750-16,800 zone."

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

"Daily and intraday charts are indicating the continuation of a non-directional activity in the near future. The short texture of the market is still on the bullish side but a fresh uptrend rally is possible only after the breakout level of 17,500. Above the same, the index could rally up to 17,600-17,750. On the flip side, below 17,500, the index would retest the level of 17,250-17,200 and if the downside continues, it may correct up to 17,050-17,000."

Published on: Aug 08, 2022, 7:30 AM IST
Posted by: Mehak Agarwal, Aug 08, 2022, 7:23 AM IST