The stock market ended higher on Tuesday amid mixed global cues. Sensex rose 379 points to 59,842 and Nifty closed 127 points higher at 17,825. Of 30 Sensex stocks, 25 ended in the green.
Mid-cap and small-cap indices on BSE gained 256 points and 258 points, respectively.
Auto, oil and gas, consumer durables and banking stocks were the top sectoral gainers with their BSE indices zooming 761 points, 348 points, 299 points and 205 points respectively.
Market breadth was positive with 1,990 stocks ending higher against 1,554 stocks falling on BSE, while 161 shares were unchanged.
Market cap of BSE-listed firms rose to Rs 278.01 lakh crore.
Here’s a look at what analysts said about the direction the market is likely to take today.
Deepak Jasani, Head of Retail Research, HDFC Securities
“Sentiments have improved across the board post encouraging macro news locally. 17,921 is the next resistance while 17719 could be the support in the near term.”
Rupak De, Senior Technical Analyst at LKP Securities
“The trend is likely to remain positive as long as it remains above the falling trendline. The profit booking in the market may come once Nifty falls below the trend line. Support on the lower end is visible at 17,700. On the higher end, resistance is seen at 18,000.”
Palak Kothari, Senior Technical Analyst, Choice Broking
“The support for Nifty has shifted around 17,600 levels while on the upside, 18,000 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 38,700 levels while resistance at 39,800 levels. Overall, the index is looking strong on charts, midcaps & small caps are giving good returns.”
Mohit Nigam, Head – PMS, Hem Securities
“On technical front, Nifty50 may take support at 17,700 level and face resistance at 18,050 level. For Bank Nifty immediate support and resistance levels are 39,000 and 39,500 respectively.”