After a long gap and positive opening in European stock markets, the benchmark indices rallied over 1 per cent on Wednesday. The Sensex climbed 616.62 points to end at 53,750. 97 and Nifty gained 178.95 points to 15,989. The midcap and smallcap indices of the BSE rose 386 points and 235 points, respectively. Consumer durables, banking and auto shares were the top sectoral gainers with their BSE indices rising 851 points, 617 points and 727 points, respectively.
The market breadth was positive with 1,872 stocks ending higher against 1,472 stocks falling on the BSE. There were no changes to 137 shares.
Here's a look at what analysts said about the direction the market is going to take today.
The make or break support for Nifty is only seen at 15521 and below the mark, so expect a waterfall of selling which will likely take the index towards the 15181 mark. Any early morning altitude is likely to be capped at 16,181 mark. The formation of a long bull candle above the important hurdle of 15850 -- 15900 levels indicates the possibility of a sharp upside breakout. The recent downside breakout resulted in the formation of the long bear candle 16th June, so a sustained move above 15950 levels could mean a sharp upside for the market ahead.
The short-term trend of Nifty has turned positive and the overall chart pattern suggests a possibility of a sharp upside breakout of the hurdle. The next upside levels to be watched are around 16200 -- 16300 in the short term. Immediate support is placed at 15900 levels. Nifty may find support around 15,850 followed by 15,800 levels while on the upside 16,200 followed by 16,100 may be an immediate hurdle. On the other hand, Bank Nifty has support at 33,800 levels and resistance at 34,800 levels. FMCG and Consumption look attractive and may deliver decent returns in the coming days.