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Sensex and Nifty ended higher after two sessions on Tuesday helped by a rise in consumer durables, banking and auto stocks amid mixed global cues. Sensex rose 257 pts to 59,031 and Nifty closed 87 points higher at 17,577. Of 30 Sensex stocks, 21 ended in the green.
Mid-cap and small-cap indices on BSE gained 253 points and 218 points, respectively.
Consumer durables, banking and auto stocks were the top sectoral gainers with their BSE indices zooming 583 points, 482 pts and 495 points, respectively.
Market breadth was positive with 2,112 stocks ending higher against 1,279 stocks falling on BSE. 158 shares were unchanged.
Market cap of BSE-listed firms rose to Rs 275.54 lakh crore.
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
“Markets showed resilience as bulls stepped-in after morning wobble–snapping a 2-day losing streak. Most importantly, bulls held to the reins towards the close-keeping weak overnight Wall Street cues, inflation and recession fears at bay. Technically speaking, the Nifty line on the sand is at today’s low at the 17,345 mark. In case of Nifty’s major support at 17,345 mark collapses, the next big support is seen only at 17,161. Nifty’s major hurdle continues to be at 18,115 mark (April 22nd high) and above the same the immediate target is seen at 18,605.”
Rupak De, Senior Technical Analyst at LKP Securities
“Going ahead, the trend may remain positive as long as the index holds above 17,400 on a sustained basis. On the higher end, 17,700 may act as immediate resistance; a decisive move above 17,700 may induce a rally towards the recent high of 18,000.”
Deepak Jasani, Head of Retail Research, HDFC Securities
“Nifty bounced back after a two-day fall, however action was more concentrated in the broader markets. 17,390-17,690 could be the range for Nifty in the near term.”
Mohit Nigam, Head – PMS, Hem Securities
“As investors awaited Fed Chair Jerome Powell’s remarks on inflation and the rate outlook at the approaching annual Jackson Hole economic symposium, Asian markets ended in the red on Tuesday. On the technical front, immediate support and resistance in Nifty 50 are 17,475 and 17,750, respectively. Bank Nifty’s immediate support and resistance are 38,400 and 39,300, respectively.”
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