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

Benchmark indices rallied over 1 per cent on Wednesday amid foreign funds turning net buyers after a long gap and positive opening in European stock markets. Sensex climbed 616.62 points to end at 53,750.97 and Nifty gained 178.95 points to 15,989.80.

BSE midcap and smallcap indices rose 386 points and 235 points, respectively. Consumer durables, banking and auto shares were the top sectoral gainers with their BSE indices rising 851 points, 617 points and 727 points, respectively.

Market breadth was positive with 1,872 stocks ending higher against 1,472 stocks falling on BSE. 137 shares were unchanged.

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

Prashanth Tapse, Vice President (Research), Mehta Equities

"Technically speaking, the make –or-break support for Nifty is seen only at 15521 and below the mark, expect a waterfall of selling which is likely to take the index towards 15181 mark. For tomorrow, any early morning altitude is likely to be capped at 16,181 mark.”

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The formation of a long bull candle on Wednesday above the important hurdle of 15850-15900 levels indicates the possibility of a sharp upside breakout. The said area of 15800-15900 has been a significant value area in the past and the recent downside breakout has resulted in the formation of the long bear candle (16th June). Hence, a sustainable move above 15950 levels could mean a sharp upside for the market ahead.

The short-term trend of Nifty has turned positive and the overall chart pattern hint at a possibility of a sharp upside breakout of the hurdle. The next upside levels to be watched are around 16200-16300 in the short term. Immediate support is placed at 15900 levels."

Om Mehra, Technical Associate, Choice Broking

"Nifty may find support around 15,850 followed by 15,800 levels while on the upside 16,200 followed by 16,100 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 33,800 levels while resistance at 34,800 levels. Overall defensive sector such as FMCG and Consumption looks attractive and may deliver decent returns in coming days."