Bulls vs Bears: Here is what to anticipate on Dalal Road in the present day

Benchmark indices Sensex and Nifty closed decrease on Monday amid a weak pattern in international markets. Sensex declined 200.18 factors to finish at 57,991.11. In the course of the day, it tumbled 825.61 factors or 1.41 per cent to 57,365.68. Nifty fell 73.65 factors or 0.43 per cent to shut at 17,241.

IT shares have been the highest sectoral gainers with their BSE index zooming 255 factors to twenty-eight,444. Prime losers have been client durables and capital items shares with their indices falling 618 factors and 315 factors, respectively.

Here is a take a look at what analysts stated in regards to the route the market is more likely to take in the present day.  

Prashanth Tapse, Analysis Analyst, Senior VP (Analysis), Mehta Equities

“Traders now sit up for the month-to-month US CPI report on Thursday amid fears that larger power costs might gas inflationary pressures. Additionally commanding consideration would be the FOMC minutes to trickle in on October twelfth. Technically talking, the draw back danger for Nifty is now seen restricted on the help degree of 17,000 mark. We count on the Nifty bulls to purpose on the 17,500-17,707 zone within the close to time period.”

Nagaraj Shetti, Technical Analysis Analyst, HDFC Securities

“The short-term pattern of Nifty is weak with excessive volatility. The emergence of sharp shopping for curiosity from close to the lows could possibly be a cheering issue for the bulls to make a comeback. Therefore, one could count on Nifty to retest the hurdle of 17,400 ranges within the close to time period. Rapid help is positioned at 17,050-17,100 ranges.”

Rupak De, Senior Technical Analyst at LKP Securities

“The pattern is more likely to stay sideways within the close to time period. Over the close to time period, the Nifty could transfer inside the vary of 17,000-17,300. A decisive fall under 17,000 could set off a promoting strain available in the market. On the upper finish, a decisive transfer above 17,300 could induce a rally in the direction of 17,600.”

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