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

Sensex and Nifty rose for the second straight session on Thursday amid mixed cues in the global equity markets. Sensex gained 156 points to end at 58,222 and Nifty climbed 57 points to 17,331. Mid-cap and small-cap indices on BSE rose 283 points and 373 points, respectively. Capital goods, IT, and metal shares were the top sectoral gainers with their BSE indices zooming 737 points, 395 points and 717 points, respectively.

Market breadth was positive with 2,365 stocks ending higher against 1,095 stocks falling on BSE, while 123 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 uptrend of Nifty remains intact and there is a possibility of minor consolidation in the next 1-2 sessions around the hurdle of 17,400-17,500 levels before showing a decisive upside breakout of the said resistance. Immediate support is placed at 17,220 levels."

Mohit Nigam, Head - PMS, Hem Securities

"On the technical front, immediate support and resistance in Nifty 50 are 17,200 and 17,500 respectively. Bank Nifty's immediate support and resistance are 39,150 and 39,700, respectively."

Rupak De, Senior Technical Analyst, LKP Securities

"On the daily chart, a bullish island reversal pattern has been formed. The trend is likely to remain positive over the short term. On the lower end, 17,250 may act as crucial support. On the higher end, the index may extend its rally till 17,600-17,700."

Also read: Why Jefferies expects Nifty to retest 15,500 level

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