Can the market sustain upside momentum? Here's what experts say 

Benchmark indices Sensex and Nifty rebounded over 1 per cent higher on Thursday, propelled by buying in index majors Reliance Industries, HUL and Infosys along with an overall positive trend in global markets.

The 30-share BSE benchmark jumped 701.67 points or 1.23 per cent to end at 57,521.06. During the day, it zoomed 971.46 points or 1.70 per cent to 57,790.85 on the expiry of derivatives contracts. The NSE Nifty rallied 206.65 points or 1.21 per cent to 17,245.05.

Who will win the battle on Friday on Dalal Street? 

Bulls or Bears? Here's what experts say:

"We continue to remain hopeful as long as 16,900 – 16,800 are defended successfully. Now with last two weeks’ of range bound movement, the daily time frame chart exhibits a ‘Triangle’ pattern and prices are inching closer to its apex point. Hence, the breakout in either direction is imminent," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd.

"As of now, we expect it to happen in the northward direction where 17400 – 17450 are the levels to watch out for. The moment we surpass this, we could see lot of individual stocks participating in the next leg of the rally," he said.

"Most of the key indices are placed at a crucial juncture and they are waiting for some trigger to make a move. We hope to witness a much awaited breakout in the early part of May series which will certainly bring back the wider smile in traders’ fraternity," he added.

Sharing the technical view, Palak Kothari, Research Associate, Choice Broking noted that on a Four Hourly chart, the index has confirmed the hammer candlestick pattern which indicates bounce back from lower levels. On a daily chart, the index has pulled back from lower Bollinger band and facing resistance from middle band crossing above the same can show more upside movement. The index has been trading with the support of 50-days simple moving averages indicating strength for an upside movement.

"However, the momentum indicators STOCHASTIC is trading with positive crossover on a daily Charts which indicates upside movement can be seen. The Nifty may find support around 17,000 levels, while on the upside 17,350 may act as an immediate hurdle for the index crossing above the same can show more upside rally. On the other hand, Bank nifty has support at 35,800 levels while resistance at 37,000 levels," Kothari added.

Vinod Nair, Head of Research at Geojit Financial Services said, "Investors preference is shifting to safe-haven assets due to volatile equity market and global uncertainties indicated by rising US Dollar index. FPIs are in a selling mode while domestic investors are positive and will focus on defensives like Consumption and domestic growth sectors like infra and capital goods.

Volatility is expected to continue in the short-term due to weakening global trade and we suggest investors to have rationale expectations focusing on domestic growth sectors like CAPEX, banking and defensives”.

Also read: 120% up from a 52-week low! Axis Securities still bullish on this multibagger; here's why 

Also read: Elon Musk effect: Is it a good time for Indians to invest in Twitter shares?