Benchmark indices rebounded around 1 per cent on Thursday due to value buying in banking, IT and auto stocks amid a largely positive trend in global markets. Sensex climbed 659.31 points or 1.12 per cent to end at 59,688.22. Nifty rose 174.35 points or 0.99 per cent to close at 17,798.75. Mid-cap and small-cap indices on BSE gained 75 points and 176 points, respectively.


Banking, IT and capital goods stocks were the top sectoral gainers with their BSE indices zooming 875 points, 289 points and 216 points, respectively.


Market breadth was positive with 2,062 stocks ending higher against 1,402 stocks falling on BSE, while 125 shares were unchanged.


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


Nagaraj Shetti, Technical Research Analyst, HDFC Securities

"The short-term trend of Nifty continues to be positive. Presently, the Nifty is placed at the crucial juncture of 17,800 levels (upper range and resistance of down trend line). Hence, a sustainable move above this area is likely to open sharp upside momentum towards 18,200 levels in the near term. Immediate support is placed at 17,650 levels."

Rupak De, Senior Technical Analyst at LKP Securities

"Nifty has moved above its recent consolidation on the daily timeframe. The momentum indicator has entered into a bullish crossover. Over the short term, the trend is likely to remain positive with a potential to reach 18,100. On the lower end, support is visible at 17,700."

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas


"Nifty had taken support near the psychological mark of 17,500 on September 7 and had started moving higher. The up move extended on September 8 as well. Consequently, the index is approaching the upper end of the consolidation range. 18,000-17,200 has been the short term consolidation range. Thus, the index is likely to stumble as it approaches the 18,000 mark. The overall structure suggests that we are likely to see further consolidation before the index resumes the larger uptrend."
Source: BusinessToday