The stock market ended up higher on Tuesday amid mixed global cues. The Sensex went up 379 points to 59,842 and the Nifty closed 127 points higher at 17,825. 25 of 30 Sensex stocks ended in the green.
Mid-cap and small-cap indices on the BSE gained 256 points and 258 points.
The top sectoral gainers were auto, oil and gas, consumer durables, and banking stocks, with their BSE indices closing 761 points, 348 points, 299 points and 205 points respectively.
The market breadth was positive with 1,990 stocks ending higher against 1,554 stocks falling on the BSE, while 161 shares were unchanged.
Here's a look at what analysts said about the direction the market is going to take today.
Sentiments have improved across the board after encouraging macro news locally. The next resistance is 17,921 and 17719 could be the support in the near term. As long as it is above the falling trendline, the trend is likely to remain positive. The profit booking in the market may happen if the Nifty falls below the trend line. Support on the lower end is visible at 17,700. Resistance is seen at 18,000. The support for Nifty has shifted around 17,600 levels, while 18,000 may act as an immediate hurdle on the upside. On the other hand, Bank Nifty has support at 38,700 levels and resistance at 39,800 levels. The index is looking strong on charts, midcaps small caps are giving good returns. On the technical front, Nifty 50 may take support at 17,700 level and face resistance at 18,050 level. The immediate support and resistance levels for Bank Nifty are 39,000 and 39,500 respectively.