The market opened on the higher side on Wednesday. The Sensex is currently trading at 19,651, up 251 points from the previous close. Nifty is at 5857, up 70 points. The BSE Midcap and Smallcap indices are also trading above 1.25% each.

The gap up opening for the market today can be attributed to a good trading session seen in the US markets yesterday, says Vijay Bhambwani, technical analyst, on CNBC-TV18. But let's wait and watch if the market can sustain these gains, even after 1:30 PM today, he says. If it does, then expect a positive close, he adds.

For the next couple of weeks or so, the market may be rangebound and even trade lower than the current levels, says Sharmil Joshi of Prabhudas Lilladher, on CNBC-TV18. Both the Sensex and Nifty, have slipped into the negative terrain. Sensex is at 19,391, down 8 points and the Nifty is at 5774, down 11 points form the previous close. Market breadth is weak with 338 advances against 698 declines on the NSE.

Book profits at higher levels, says Niraj Diwan of Quantum Securities, on Zee Business. Investors have become a little uncomfortable at 20,000 levels and therefore, the market may see some decline, he says.