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

Benchmark indices Sensex and Nifty closed lower on Monday amid a weak trend in global markets. Sensex declined 200.18 points to end at 57,991.11. During the day, it tumbled 825.61 points or 1.41 per cent to 57,365.68. Nifty fell 73.65 points or 0.43 per cent to close at 17,241.

IT shares were the top sectoral gainers with their BSE index zooming 255 points to 28,444. Top losers were consumer durables and capital goods stocks with their indices falling 618 points and 315 points, respectively.

Here's a look at what analysts said about the direction the market is likely to take today.  

Prashanth Tapse, Research Analyst, Senior VP (Research), Mehta Equities

"Investors now look ahead to the monthly US CPI report on Thursday amid fears that higher energy prices could fuel inflationary pressures. Also commanding attention will be the FOMC minutes to trickle in on October 12th. Technically speaking, the downside risk for Nifty is now seen limited at the support level of 17,000 mark. We expect the Nifty bulls to aim at the 17,500-17,707 zone in the near term.”

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The short-term trend of Nifty is weak with high volatility. The emergence of sharp buying interest from near the lows could be a cheering factor for the bulls to make a comeback. Hence, one may expect Nifty to retest the hurdle of 17,400 levels in the near term. Immediate support is placed at 17,050-17,100 levels."

Rupak De, Senior Technical Analyst at LKP Securities

"The trend is likely to remain sideways in the near term. Over the near term, the Nifty may move within the range of 17,000-17,300. A decisive fall below 17,000 may trigger a selling pressure in the market. On the higher end, a decisive move above 17,300 may induce a rally towards 17,600."

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