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

The equity market ended higher for the second straight session on Friday amid positive global cues. Sensex rose 632 points to 54,884 and Nifty ended 182 points higher at 16,352.

Tech Mahindra, IndusInd Bank, Wipro, Bajaj Finance, Infosys, Bajaj Finserv, Larsen & Toubro and HCL Technologies were the top Sensex gainers, rising up to 4.10 per cent.

NTPC, Bharti Airtel, PowerGrid, Tata Steel, and Reliance Industries were the top Sensex losers, falling up to 2.43 per cent.

Of 30 Sensex stocks, 23 ended higher, BSE mid-cap and small-cap indices gained 374 points and 303 points, respectively.

Experts said in the short term, the texture of the market has turned positive from negative.

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

Prashanth Tapse, Vice President (Research), Mehta Equities said, "Technically, Bank Nifty is aiming to move towards its biggest hurdle at 36,657 mark. The positive takeaway from Friday's trade is that the benchmark Nifty has room to run further— all conditions are ripe for a value rally. Helping sentiments are reports of a not-that-aggressive Federal Reserve. If this is believed to be true then Nifty could reclaim its psychological 17,000 mark with an intermonth perspective time frame.”

Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities said, "Daily timeframe of Nifty indicates that index is now on the verge of breaking out of the 16,415 resistances after making a hammer pattern on Thursday. We also observe a positive divergence as the 14-day RSI has recently been making higher bottoms while Nifty made a double bottom around the 15,740 levels. Upside momentum will pick up if the Nifty can cross the recent swing high of 16415 which has been acting as a strong resistance recently. We recommend a stock specific approach and recommend buying stocks from sectors that are showing relative strength."

Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities said, "We are of the view that, the short-term texture of the market has changed to positive from negative. For the trend following traders now, 16,200/54,450 would be the key level to watch out. Above which, it could touch the level of 16500-16650. On the flip side, below 16,200/54,450 uptrends would be vulnerable. Below the same, the index could retest the level of 16,000/53,900. Further downside may also continue which could drag the index up to 15,900-15,850/53,600-53,500.”

Also read: Weekly market wrap: Sensex, Nifty extend gain for second straight week; metal, oil & gas crack