After ending in the red for 5 straight days, market ended flat in a highly volatile session on February 23 with outperformance from the metal stocks. At close, the Sensex was up 7.09 points, or 0.01%, at 49,751.41, and the Nifty was up 32.10 points, or 0.22%, at 14,707.80.
"Index managed to hold above 14,700 zone and closed a day with small gains forming a Doji candle pattern on the daily chart after consecutive five bearish candles. The index has good support near 14,630 zone and immediate resistance is coming near 14,800 zone, so index may show some sort of consolidation in the same range and final direction will be clear once we see either side breakout from the mentioned range," said Rohit Singre, Senior Technical Analyst at LKP Securities.
Nifty Metal index rose nearly 4 percent, while energy and infra indices added 1-2 percent each. Broader markets outperformed the benchmarks, with BSE midcap and smallcap indices rising 0.7-1 percent.
Tata Steel, Tata Motors, ONGC, Hindalco and UPL were among major gainers, while losers were Kotak Mahindra Bank, Maruti Suzuki, Bajaj Auto, Adani Ports and Divis Labs.
Stocks & sectors
On the BSE, metal index added 3.7 percent and Capital Goods, Realty and Oil & Gas indices added 2 percent each.
A volume spike of more than 100 percent was seen in Cummins India, Godrej Consumer Products and SAIL.
Long buildup was seen in Federal Bank, Jubilant FoodWorks and Hero MotoCorp, while short buildup was seen in Godrej Consumer Products, Bandhan Bank and Adani Enterprises.
More than 150 stocks, including Tata Steel, ONGC and MMTC, hit a fresh 52-week high on the BSE.
The Nifty formed a Bearish candle on daily scale with longer wicks indicating tug of war between the bulls and bears in the market.
It negated its formation of lower lows of the last four trading sessions but continues forming lower highs.
"Till the Nifty remains below 14,850 zones, weakness could continue towards next key support of 14,600 and 14,500 zones while on the upside hurdles are seen at 15,000 and 15,150 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.