Taking Stock: Last-hour buying lifts market, heavyweights lead the gains

Top gainers on the Nifty included Cipla, Reliance Industries, Adani Enterprises, HCL Technologies and Adani Ports, while losers were ONGC, Divis Labs, BPCL, NTPC and Power Grid Corporation.

Among sectors, healthcare, information technology and metal were up 0.4 percent each, while the oil & gas index was down 0.5 percent.

BSE Midcap and Smallcap indices ended marginally higher.

A long build-up was seen in Adani Enterprises, Cipla and Reliance Industries, while a short build-up was seen in Manappuram Finance, Metropolis Healthcare and Indraprastha Gas.

Among individual stocks, a volume spike of more than 300 percent was seen in Nestle India, Zee Entertainment Enterprises and Delta Corp.

Today, more than 400 stocks touched their 52-week high on the BSE, including AIA Engineering, Antony Waste, AstraZeneca Pharma, Bharat Wire Ropes, Cochin Shipyard, Entertainment Network India, GlaxoSmithKline Pharmaceuticals, Hitachi Energy, Infibeam Avenue, NCC, Network 18, Olectra Greentech, TV18 Broadcast, Visaka Industries and Yes Bank. Click here for the full list

Outlook for January 11

Aditya Gaggar Director of Progressive Shares

For most of the time, the Index remained in the range of 21,470-21,560, and in the last hour of trade, a sudden rise in heavyweight stocks helped the Index to settle the day at 21,618.70 with gains of 73.85 points.

Among the sectors, Media was the top performer of the day by ending the session with gain of 3.47% while FMCG was the major laggard. Buying traction was witnessed in the Metal and IT stocks as well.

By retesting its dual support of 21,470 as well as 21DMA, the Index has formed a piercing candlestick pattern which is bullish and indicates a resumption of the current uptrend. A zone of 21,430-21,470 will act as a strong support while the immediate resistance comes at 21,725-21,750.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:

The Nifty witnessed yet another volatile day of trade today. It witnessed wild swings in both directions however, the Bulls managed to defend support zone and the Nifty closed in the green up ~80 points. On the daily charts we can observe that the Nifty has held on to the support zone of 21500 – 21460 where support in the form a Fibonacci retracement level and the crucial 20-day moving average (21489) was placed.

Buying interest has emerged from crucial support zone and the hourly momentum indicator has triggered a positive crossover which is a buy signal. Thus, both price and momentum indicator are suggesting continuation of the positive momentum. On the upside initial hurdle is placed at 21730 – 21750 while immediate support is placed at 21520 – 21500.

Bank Nifty witnessed a gap down opening however it lacked follow through selling pressure. Infact, it witnessed buying interest from the support zone 46900 – 47000 and closed in the green. We expect the Bank Nifty to continue with the positive momentum going ahead. Initial hurdle is placed at 47550 – 47680 while support zone is placed at 47100 – 47000.

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