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

Benchmark indices managed to end in the green on Friday despite fag-end volatility trimming most of the day's gains. Sensex climbed 59.15 points or 0.10 per cent to end at 58,833.87. During the day, the 30-stock index jumped 546.93 points or 0.93 per cent to 59,321.65. Nifty gained 36.45 points or 0.21 per cent to end at 17,558.90.

Mid-cap and small-cap indices on BSE gained 99 points and 100 points, respectively. Consumer durables, capital goods and metal stocks were the top sectoral gainers with their BSE indices zooming 620 points, 394 pts and 304 pts, respectively.

Market breadth was positive with 1,991 stocks ending higher against 1,428 stocks falling on BSE, while 146 shares were unchanged.

Also read: Sensex, Nifty close higher; metal, capital goods shares top gainers

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 is rangebound with volatility and the consolidation movement is expected to continue for the next week. We expect Nifty to trade in a range of 17,800-17,300 levels by next week. Any decisive breakout on either side is likely to accelerate momentum in the market."

Choice Broking

"The support for Nifty has shifted to around 17,470 levels while on the upside 17,700 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 38,200 levels while resistance at 39,300 levels. Overall, the Nifty is trading in range breaching either side can show direction."

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

"For bulls, 17,725 would be the immediate resistance level and above which the index could move up to 17,850-18,000. On the flip side, 17,500 would be the crucial support zone and on a fresh round of selling, the index could trade below 17,500. Below the same, the index could retest the level of 17,350 and on further down side the index could retreat to 17,200."

Rupak De, Senior Technical Analyst at LKP Securities

"On the daily chart, a small-bodied candle with shadows on either side has formed, suggesting an indecisiveness. The trend is likely to remain sideways over the near term till Nifty remains in the range. Support on the lower end is visible at 17,500/17,400. On the higher end, resistance is visible at 17,700."

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