The market erased losses of the previous session and ended near the day's high on June 10 amid buying in metal, pharma, PSU bank and realty stocks. At close, the Sensex was up 358.83 points, or 0.69 percent, at 52,300.47 and the Nifty was up 102.40 points, or 0.65 percent, at 15,737.80.
"The market witnessed some lacklustre movement and an attempt to hold the support level of around 15,650. Trading above 15,650 is positive from a short-term perspective," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.
If the Nifty sustains above 15,650, the market can gain momentum, leading to an upside projection of 15,900, he said. "The momentum indicators like RSI, MACD start showing signs of recovery after the sharp fall witnessed yesterday. There is no divergence signal alerting any potential deep correction," Biswas said.
Among sectors, metal, pharma and PSU bank indices were up 1-2 percent. BSE midcap and smallcap indices rose a percent each.
Bajaj Finance, Bajaj Finserv, SBI, Divis Labs and IndusInd Bank were among top gainers, while losers included ITC, Bajaj Auto, Adani Ports, UPL and Eicher Motors.
Stocks & sectors
On the BSE, the realty index added more than 3 percent, while metal and healthcare indices rose a percent each.
Among individual stocks, a volume spike of more than 400 percent was seen in PNB, Bata India and Indiabulls Housing Finance
Long buildup was seen in PNB, Bata India and Indiabulls Housing Finance, while short buildup was seen in Exide Industries, NMDC and Power Grid.
More than 450 stocks, including Titan, Quess Corp, Power Grid and HCC, hit a fresh 52-week high on the BSE.
The Nifty formed a small-bodied bullish candle and an inside bar on the daily scale as it traded inside the last session's range.
"The Nifty has to hold above 15,700 zones to witness an up move towards 15,900 and 16,000 zones, while on the downside, support exists at 15,650 and 15,550 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.