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

The Indian market ended higher for the second consecutive session on Monday led by gains in capital goods, auto and banking stocks. Sensex closed 465 points higher at 58,853 and Nifty gained 127 points to 17,525 amid mixed global cues.

Mid-cap and small-cap indices on BSE rose 77 points and 77.36 points, respectively.

Capital goods, auto and banking stocks were the top sectoral gainers with their BSE indices zooming 592 points, 308 points and 301 points, respectively.

Market cap of BSE-listed firms rose to Rs 272.83 lakh crore.

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

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

"Bullish candle on daily charts and intraday breakout formation is indicating a further uptrend from the current levels. For benchmark Nifty, the key support level is 17,400 and above which, the breakout formation is likely to continue till 17,650-17,700. On the other hand, below 17,400, the index could slip till 17,325-17,300."

Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities

"The biggest positive catalyst is that oil hovers around 6-month low at $88.35 a barrel. The technical landscape for Nifty is likely to be positive as long as the benchmark trades above its biggest support at 17,121 mark with targets at 17,757 mark and then all bullish eyes on Nifty’s psychological 18,000 mark.”

Deepak Jasani, Head of Retail Research, HDFC Securities

"Nifty broke out upwards after a sideways close for three sessions. The continued rise in indices though perplexing in the face of concerning macro developments globally has improved sentiments on equity markets. Nifty could now face resistance in the 17,595-17,651 band while 17,408 could offer support."

Rupak De, Senior Technical Analyst at LKP Securities

"The index has closed above the previous congestion levels on the daily chart, which suggests rising strength. The trend is likely to remain bullish over the short term as long as it remains above the 200DMA, which is placed at 17,000. On the higher end, the index may move towards 17,750-17,800."