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

Benchmark indices ended lower on Monday amid weak global cues. Sensex tanked 861 points to 57,972 and Nifty closed 246 points lower at 17,312. Of the 30 Sensex stocks, 22 ended in the red. IT, banking, metal and consumer durables shares were the top sectoral losers with their BSE indices falling 975 points, 837 points, 322 points and 282 points, respectively. BSE mid cap and small cap indices fell 201 pts and 260 points, respectively. 

Market breadth was negative with 1,453 stocks ending higher against 2,048 stocks falling on BSE, while 202 shares were unchanged. 

Market cap of BSE-listed firms fell to Rs 274.56 lakh crore against Rs 276.96 lakh crore in the previous session. 

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

Osho Krishan, senior analyst - Technical & Derivative Research, Angel One  

“Technically, the positive structure has been shaken a bit as the technical swing support of 17,350 got breached decisively. At the current juncture, the 21 DEMA and the recent unfilled gap around 17,380-17,520 are expected to act as an immediate hurdle for the index in the comparable period. While on the downside, 17,150-17,200 is expected to cushion any sort of fall, followed by the sacrosanct support of the unfilled gap around the psychological mark of 17,000.” 

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

“Technically speaking, the Nifty line on the sand is at the 17,161 mark. Nifty‘s major support is at 17,161 mark and below the same, the next big support is at 16,911 mark. For Tuesday’s session, Nifty’s major hurdle is seen at 17,507, while buying is advised only above the 17,757 mark.” 

Deepak Jasani, Head of Retail Research, HDFC Securities 

“Nifty has made a lower top in the short-term framework with a downgap. The initial target on the down side is 16,922 which is 38.2 per cent retracement of the full rise from the low of 15,183 and also 123.6 per cent extension of the earlier fall from the high of 17,992. 17,487 on the upside could be the resistance in the near term.” 

Rupak De, Senior Technical Analyst, LKP Securities 

"The momentum oscillator RSI is in bearish crossover and falling towards the oversold zone. The short-term trend at the juncture looks weak, on the lower end, the index may drift down towards 17,000-16,950 over the short term. On the higher end, resistance is visible at 17,500."

Also read: Reliance Industries AGM 2022: RIL shares close flat in a weak market