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

 

Benchmark indices rose for the second straight session on Friday amid foreign fund inflows and positive global cues. Sensex climbed 104.92 points to end at 59,793.14 and Nifty ended 34.60 points higher at 17,833.35. Mid-cap and small-cap indices on BSE gained 42 points and 54 points, respectively. Banking and IT stocks were the top sectoral gainers with their BSE indices zooming 592 points and 232 points, respectively.

However, market breadth was negative with 1,687 stocks ending higher against 1,756 stocks falling on BSE, while 128 shares were unchanged. Market cap of BSE-listed firms rose to Rs 283.03 lakh crore.

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

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

"On the dismissal of 18,000, the Nifty can climb to the level of 18,300 while it will find support at 17,800 and 17,600 levels. Below the same, Nifty would fall to 17,400 or 17,200 levels. We need to focus more on midcap and small-cap stocks. In the coming week, we are expecting profit taking in financial stocks and an outperformance in technology stocks.”

Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

"A close above 17,992 for Nifty would result in a fresh trend breakout, that could bring more bullish momentum for the Nifty index. Support has now shifted up to 17550 levels."

Rupak De, Senior Technical Analyst at LKP Securities

"Nifty has given a falling trendline breakout on the daily chart. Besides, the index value has moved above its crucial resistance of 17,700. The daily RSI has entered into a bullish crossover. The trend for the short term looks positive. On the lower end, support is visible at 17,700. Resistance on the higher end is seen at 17,900/18,100."

Amit Jain, Co-founder, Ashika Global Family Office Services

"If the Nifty crosses 18,200 after touching the initial hiccup of 18,000, we believe that Indian market is going to touch a new high compared to any other market in the world be it US, Europe, China or Hang Seng."