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

Sensex and Nifty staged a stellar recovery on Tuesday to end over 2 per cent higher amid positive cues in the global markets. Sensex zoomed 1,276.66 points or 2.25 per cent to end at 58,065.47. Nifty climbed 386.95 points or 2.29 per cent to end at 17,274.30. Mid-cap and small-cap indices on BSE rose 595 points and 422 points, respectively. Banking, IT, and metal shares were the top sectoral gainers with their BSE indices zooming 1,188 points, 726 points and 612 points, respectively. All 19 BSE sectoral indices ended in the green. Market breadth was positive with 2,572 stocks ending higher against 874 stocks falling on BSE. 118 shares were unchanged.

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 up sharply after a broader range movement of the last few sessions. A decisive move above 17,300 levels is likely to pull Nifty towards the next crucial resistances of around 17,600 and next 18,000 levels in the near term. Immediate support is placed at 17,150 levels."

Rupak De, Senior Technical Analyst at LKP Securities

"The momentum indicator has entered a bullish crossover. The short-term trend looks positive. A decisive move above 17,300 may induce a strong rally in the market. On the lower end, support is placed at 17,090; resistance on the higher end is visible at 17,600/17,725."

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

"The short-term market structure is positive but due to temporary overbought condition, we could see range bound activity in the near future. For the traders now, 17,200-17,150/57,800-57,600 would be the key support zone whereas 17,400-17,425/58,300-58,400 would act as an important resistance zone for the index. Buying on intraday correction and sell on rallies would be the ideal strategy for the day traders."

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