The Indian market closed higher for the second straight session on Tuesday led by gains in consumer durables, banking and pharma shares. Sensex closed 578 points higher at 59,719 and Nifty climbed 194 points to end at 17,816.
Mid-cap and small-cap indices on BSE rose 422 points and 293 points, respectively. Consumer durables, banking and pharma shares were the top sectoral gainers with their BSE indices zooming 913 points, 586 points and 636 points, respectively.
Market breadth was positive with 2,109 stocks ending higher against 1,364 stocks falling on BSE. 129 shares were unchanged.
Market cap of BSE-listed firms rose to Rs 283.39 lakh crore against Rs 280.65 lakh crore in the previous session.
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 upside bounce of the last two sessions could be a relief rally after a sharp weakness from the highs. If Nifty fails to move above 17,920 levels in the short term, then one may expect beginning another round of weakness from the highs towards 17,450 levels. On the move above the said hurdle, the market could encounter the next resistance of around 18,100 levels."
Palak Kothari, Senior Technical Analyst, Choice Broking
"The support for Nifty has shifted around 17,600 levels while on the upside 17,950 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 40,700 levels while resistance at 41,800 levels. Overall, the Nifty is looking volatile for an upcoming session. Pharma stocks rebound and look attractive for investment purposes."
Rupak De, Senior Technical Analyst at LKP Securities
"Nifty had started to gap up and remained range-bound during the last session. On the higher end, 17,900 has acted as resistance leading to a close near the day's low. The trend is likely to remain positive as long as it sustains above 17,700. On the higher end, a move above 17,900 may induce a rally towards 18,100 and higher."
Also read: Sensex rises 578 pts, Nifty ends above 17,800; Sun Pharma, IndusInd Bank top gainers
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