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

Sensex closed above the 60,000 level on Monday, led by gains in banking, IT and energy stocks amid positive global equities. This is the third consecutive session in which the Indian market has ended in the green. Sensex gained 321.99 points to a three-week high of 60,115.13. Of 30 Sensex stocks, 21 constituents closed in the green. After opening in the green, the index touched a day's high of 60,284.55 and a low of 59,912.29. Nifty climbed 103 points or 0.58 per cent to end at 17,936.35 points, with 36 of its constituents ending in the green.

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

Deepak Jasani, Head of Retail Research, HDFC Securities

"Broader market continues to do well, while the largecaps are seeing rotational buying and profit taking; thus leading the Nifty to a slow crawl up. Nifty could continue to face resistance at 17,992 while 17,807 could act as a support in the near term."

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The short-term trend of Nifty continues to be positive, but the lack of strength is visible above the trend line resistance. There is a possibility of Nifty slipping into a downward correction from near 18K mark. Immediate support is placed at 17,800."

Rupak De, Senior Technical Analyst at LKP Securities

"The daily momentum indicator RSI remains in the green crossover. The short-term trend is likely to remain strong as long as it remains above 17,700.  On the higher end, Nifty has resistance at 18,000-18,100 zone. Support is seen at 17,880/17,770."

Also read: Sensex ends above 60,000 mark; Nifty crosses 17,900; Titan, Axis Bank, TechM top gainers

Also read: Reliance shares defy market rally, but analysts still see Rs 3,000 target in sight