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

Benchmark indices ended higher for the sixth straight session on Friday led by a surge in banking stocks. Sensex rose 390 points to 56,072 and Nifty ended 114 points higher at 16,719. In the last six sessions, market cap of BSE-listed firms has risen by Rs 10.39 lakh crore to Rs 261.04 lakh crore against Rs 250.65 lakh crore on July 14.

BSE mid cap and small cap indices fell 41 points and rose 56.85 points, respectively.

Banking shares were the top sectoral gainers with their BSE index rising 620 points to 42,405.

Market breadth was positive with 1,782 stocks ending higher against 1,541 stocks falling on BSE. 146 shares were unchanged.

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

Mohit Nigam, Head - PMS, Hem Securities

"On the technical front, the key resistance level for Nifty 50 is 16,850 and on the downside, 16,600 can act as a strong support. The key support and resistance levels for Bank Nifty are 36,300 and 37,100, respectively."

Palak Kothari, Senior Technical Analyst, Choice Broking

"The Nifty may find support around 16,500 levels while on the upside 16,800 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 35,800 levels while resistance at 37,300 levels. Overall, the index has shown a good rally in this week. Stock specific movement can be observed with a support of 16,500 levels."

Rupak De, Senior Technical Analyst at LKP Securities

"Nifty has been moving higher while remaining around the upper band of the rising channel on the daily timeframe. The trend remains positive; however, the proximity to the resistance level attracts selling pressure in the market. Over the short term, Nifty may witness a consolidation. On the lower end, support is visible at 16,500; while resistance is likely to be there at 16,750-16,800."

Also read: Weekly wrap: Sensex reclaims Mt 56K; BSE m-cap climbs Rs 9 lakh crore