Benchmark indices staged a stellar recovery on Friday following the Reserve Bank of India's interest rate decision. Sensex and Nifty closed higher after seven consecutive sessions of fall. Sensex jumped 1,016.96 points or 1.80 per cent to end at 57,426.92. During the day, it rallied 1,312.67 points or 2.32 per cent to 57,722.63. Nifty climbed 276.25 points or 1.64 per cent to close at 17,094.35.
Mid-cap and small-cap indices on BSE rose 341 points and 405 points, respectively. Consumer durables, banking and capital goods were the top sectoral gainers with their BSE indices zooming 818 points, 1,131 points and 534 points, respectively.
Market breadth was positive with 2,335 stocks ending higher against 1,107 stocks falling on BSE, while 96 shares were unchanged. Market cap of BSE-listed firms rose to Rs 271.86 lakh crore against Rs 268.24 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 short-term trend of Nifty has turned positive. The placement of important support and the overall chart pattern of daily and weekly signal a crucial bottom reversal at 16,747 levels. One may expect follow-through upmove this week. The next overhead resistances to be watched around 17,200-17,300 levels this week. A sustainable move above this hurdle is likely to open doors for 18,100 mark in the near term."
Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities
"Nifty’s support is seen at 16,747 mark and then downside should be well protected at 16,477-16,438 zone. There is a bright chance that the index could bounce to 17,321 and then at 17,727 mark with an interweek perspective.”
Ajit Mishra, VP - Research, Religare Broking
"The key is to hold the gains amid the feeble global cues. We feel the recovery would strengthen above 17,200 in Nifty while 16,800 would continue to act as critical support. Meanwhile, participants should stay focused on overnight risk management and prefer index majors over others."
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