The market snapped its three-day losing streak, with metal, IT and financial names pushing the benchmark indices higher. At close, the Sensex was up 209.36 points, or 0.40 percent, at 52,653.07 and the Nifty was up 69.10 points, or 0.44 percent, at 15,778.50.
"The market witnessed a swift recovery after yesterday’s fall. The market suggests 15,800 will be an important support level in the short term," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research. If it sustains above 15,800, then the Nifty can gain momentum towards 15,950, he said.
"The momentum indicators like RSI and MACD recovered from their respective oversold zone and supported the upside move and indicated potential upside from the current market level," he added.
Among sectors, the metal index gained 5 percent, while IT and PSU bank indices rose 1-3 percent. However, the FMCG index was down 1 percent.
BSE midcap and smallcap indices rose 0.4-0.9 percent.
Hindalco, Tata Steel, Bajaj Finserv, SBI and JSW Steel were the top Nifty gainers. Maruti Suzuki, Power Grid Corp, Bajaj Auto, ITC and Coal India were among the top losers.
Stocks & sectors
On the BSE, metal and realty indices rose 1.5-5 percent, while selling was seen in the oil & gas, power and FMCG names.
Among individual stocks, a volume spike of more than 200 percent was seen in SAIL, LIC Housing Finance and L&T Technology Services.
A long buildup was seen in Motherson Sumi, Larsen & Toubro Infotech and Aditya Birla Fashion, while a short buildup was seen in Mahanagar Gas, LIC Housing Finance and HUL.
More than 450 stocks, including Visa Steel, Coforge and SBI, hit a fresh 52-week high on the BSE.
Technical View
The Nifty formed a small bullish candle as it continued the range-bound move.
"For the Nifty, 15,600 still looks sacrosanct level to watch out for on the downside, a breach of which may unleash sharp corrective downswing. Similarly, unless 15,900 is decisively cleared on the upside, a sustainable upmove can't be witnessed," said Mazhar Mohammad, Chief Strategist–Technical Research & Trading Advisory, Chartviewindia.in
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