Sensex and Nifty gained for the second straight session on Thursday, despite mixed developments in the global equity markets. Sensex jumped 156 points to end at 58,222 and Nifty climbed 57 points to 17,331. The BSE's mid-cap and small-cap indices rose 283 points and 373 points. Capital goods, IT and metal shares were the top sectoral gainers with their BSE indices zooming 737 points, 395 points and 717 points, respectively.
The market breadth was positive with 2,365 stocks ending higher against 1,095 stocks falling on the BSE, while 123 shares were unchanged.
Here's a look at what analysts said about the direction the market is going to take today:
The short-term uptrend of Nifty remains intact and there is a possibility of minor consolidation in the next 1 -- 2 sessions around the hurdle of 17,400 -- 17,500 levels before showing a decisive upside breakout of the said resistance. Immediate support is placed at 17,220 levels. On the technical front, immediate support and resistance in Nifty 50 are 17,200 and 17,500 respectively. The immediate support and resistance of the Bank Nifty are 39,150 and 39,700. A bullish island reversal pattern has been formed on the daily chart. The trend is likely to remain positive over the short term. 17,250 may act as crucial support on the lower end. The index may extend its rally to 17,600 -- 17,700 on the higher end.