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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 slipped 35 points to 58,817 and Nifty gained 9 points to 17,534 in the previous session.  

Market breadth was negative with 1,530 stocks ending higher against 1,874 stocks falling on BSE Market breadth was negative with 1,530 stocks ending higher against 1,874 stocks falling on BSE

The stock market ended on a flat note on Wednesday, led by a fall in consumer durables and information technology shares. Sensex slipped 35 points to 58,817 and Nifty gained 9 points to 17,534.

Of 30 Sensex stocks, 18 ended in the red. Mid-cap and small-cap indices on BSE lost 31 points and 27 points, respectively.

Capital goods and metal stocks were the top sectoral gainers, with their BSE indices zooming 391 points and 347 points, respectively.

IT and consumer durables shares were the top sectoral losers, with their BSE indices falling 295 pts and 230 pts, respectively.

Market breadth was negative with 1,530 stocks ending higher against 1,874 stocks falling on BSE. 120 shares were unchanged.

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, Nifty 50 is showing bullish momentum after the recent consolidation and this momentum may continue to 17,800 levels in the short term. On the downside, 17,200 may remain immediate support in Nifty50. Immediate support and resistance for Bank Nifty are 37,700 and 38,750, respectively."

Deepak Jasani, Head of Retail Research, HDFC Securities

"Nifty once again has formed a hanging man pattern after a rise, suggesting a possible halt to the upmove. The US CPI numbers on Wednesday evening could impact the direction of global markets. Nifty could remain in the 17,399-17,600 band in the near term."

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

"Technically, the support has shifted to 17,450 from 17,350. As long as Nifty is trading above 17,450, the uptrend formation is likely to continue and above which, the index could move up to 17,600-17,650. However, below 17,450, the uptrend would be vulnerable and could retest the level of 17,350-17,300."

Rupak De, Senior Technical Analyst at LKP Securities

"The important moving averages are lying comfortably below the current index value confirming the uptrend again. The trend may remain bullish over the short term as long as it remains above 17,350. However, the rally towards 17,750-17,800 is likely to attract selling pressure at the higher levels."

Published on: Aug 11, 2022, 7:20 AM IST
Posted by: Mehak Agarwal, Aug 11, 2022, 7:13 AM IST