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

The stock market ended higher on Monday despite negative global cues. Sensex rose 442 points to 59,245 and Nifty closed 126 points higher at 17,665. Of 30 Sensex stocks, 23 ended in the green. Mid-cap and small-cap indices on BSE gained 117 points and 253 points, respectively. Banking, capital goods and metals were the top sectoral gainers with their BSE indices zooming 404 points, 352 points and 381 points, respectively.

Market breadth was positive with 2219 stocks ending higher against 1,347 stocks falling on BSE, while 170 shares were unchanged. Market cap of BSE-listed firms rose to Rs 279.82 lakh crore.

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

Rupak De, Senior Technical Analyst at LKP Securities

"The market may remain buy on dips as long as it sustains above 17,400. On the higher end, a decisive move above 17,700 may induce a rally in the market."

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

"Currently, the market is witnessing positive consolidation formation near the 20-day SMA (Simple Moving Average). The Nifty would see a key support level of 17,550 and above the same it could move till 17,750-17,800. On the flip side, below 17,550 a fresh round of selling could be seen and below the same, the index could slip till 17,450-17,400."

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan

"Nifty is witnessing a short-term consolidation in the last few sessions. On September 5, the index attempted to move higher; however the upside was restricted by the near-term resistance zone of 17,700-17,780. This zone is likely to attract a fresh round of selling. Structurally, the index is preparing for a downward move within the overall short-term consolidation. On the downside, 17,540-17,500 is an immediate support zone below which the index will be set to test 17,200. The hourly and the daily Bollinger Bands are in contraction mode, thus suggesting that the range bound action can continue in the short term where the range would be 17,200-18,000."