The stock markets recovered from day’s low and ended on a positive note with Sensex closing 0.37 percent up and Nifty50 0.39 percent up. Markets managed to hold important levels of 15,800 in Nifty50, said Mohit Nigam, Head-PMS, Hem Securities.
Metal sector and realty stocks surged 2.20 percent and 1.96 percent. Media and auto ended in red. PSU Bank stocks showed some buying interest in the market with the Nifty PSU Bank index up by 0.44 percent and Nifty PSE up by 0.43 percent. Tata Steel, JSW Steel and Bajaj Finserv were among the top gainers in Nifty 50 while Titan Company, ONGC and Maruti Suzuki were among the top losers in Nifty 50 today.
After a flat opening, the index has been in range throughout the day, but in the dying hours of the session it showed strength and closed the session on a green note at 15,879.65 levels with a gain of 61.40 points. While bank Nifty also ended in green note at 35,771.30 levels with a gain of 192.15 points. On the sectoral front, Nifty metal out performed and inched up by 2.2 percent while Nifty auto ended in red.
Sumeet Bagadia, Executive Director, Choice Broking, said, "On the technical front, the Index has taken support from 21 DMA and given closing above the same, which indicates momentum for the upside. Furthermore, the Index has confirmed a bullish engulfing candlestick pattern on an hourly chart which adds strength to the counter. Momentum Indicator Stochastic is also showing positive crossover, which suggests strength in the counter. At present, the Nifty seems to have resistance at 15915 levels. Crossing above the same can show 16,000-16,100 levels while immediate support comes at 15,700 levels," he said.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd said, "Technically, the 20-day SMA or 15,750/52,500 should be the sacrosanct level for the market. Above the same, the uptrend texture is likely to continue up to 15,930-16,065/ 53,300-53,550. On the other side, uptrend would be vulnerable if indices close below 15,750/ 52,500 or below 20 day SMA.
Nifty has closed at the all-time high on July 7. It is just shy of the intraday high of 15,915, said Deepak Jasani, Head of Retail Research, HDFC Securities. "The current momentum can take the Nifty past the previous high. Sectoral rotation continues while volumes remain subdued. On falls, Nifty could take support at 15,818, while on rise, once the previous high of 15915 is sustainably breached, it could rise towards 15,970", he said.