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Taking Stock: Market bounces back, Sensex up 642 points, Nifty above 14,700

All the sectoral indices ended in the green, with the Nifty energy index gaining 3 percent, while metal and FMCG indices added 2 percent each.

March 19, 2021 / 04:24 PM IST

The market snapped a five-day losing streak gaining over a percent in a highly volatile session on March 19. At close, the Sensex was up 641.72 points, or 1.30 percent, at 49,858.24 and the Nifty was up 186.10 points, or 1.28 percent, at 14,744.

All the sectoral indices ended in the green, with the Nifty energy index rising 3 percent, while metal and FMCG indices added 2 percent each. BSE midcap and smallcap indices added 0.4-1.3 percent.

The Nifty formed a bullish piercing candle pattern on the daily chart, which stands for a bullish reversal, said Rohit Singre, Senior Technical Analyst at LKP Securities. "Once the Nifty crosses above the 14,800 zone, a bullish piercing pattern will get active and we may see a good move towards immediate hurdle zone of 14,900-15,000, supports is still at 14,650-14,580 zone and holding above said levels the structure can be positive," Singre said.

NTPC, HUL, JSW Steel, Power Grid Corp and UPL were among the major gainers on the Nifty, while losers were L&T, Coal India, Tech Mahindra, Bajaj Auto and Titan Company.

Stocks & sectors

Close

Sectorally, the S&P Power index jumped 3 percent, while FMCG index rose 2 percent. The realty index shed 0.5 percent.

Among individual stocks, a volume spike of more than 100 percent was seen in Sun TV Network, PVR and Indus Tower.

Long buildup was seen in the JSW Steel, Cholamandalam Investment and SUN TV Network, while a short buildup was seen in PVR, Voltas and Motherson Sumi.

More than 100 stocks, including NDTV, KPR Mills, Intellect Design Arena, ICRA, Grasim Industries, hit a fresh 52-week high on the BSE.

market-closing-graphic (2)

Technical View

The Nifty formed a strong bullish candle on the daily scale and closed the day with handsome gains of around 185 points.

It formed a bullish piercing line pattern on the daily scale and reclaimed its 50-DEMA. It continued the formation of lower highs but closed positive after five trading sessions.

"The Nifty has to decisively hold above the 14,700 zone to witness an up move towards 14,900 and 15,000 zones, while on the downside, immediate support exists at 14,600 then 14,450 zones," said Chandan Taparia of Motilal Oswal Financial Services.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Rakesh Patil
first published: Mar 19, 2021 04:24 pm

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