Benchmark indices ended on a positive note for the third straight day on April 8 amid volatility. At close, the Sensex was up 84.45 points, or 0.17 percent, at 49,746.21, and the Nifty was up 54.80 points, or 0.37 percent, at 14,873.80.
"The markets were successful in crossing 14,950 but failed to sustain there. We reversed from there in few minutes and have again closed below the 14,900 level. If we are able to get past the 14,950 level on a closing basis, we could move higher to 15,300-15,400," Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments, said.
If the Nifty slips and break 14500, it can slide to 14200, he said.
Among sectors, the metal index rose nearly 4 percent, while infra and IT index gained a percent each. Some selling was seen in the banking names.
Broader indices performed a notch better than the benchmarks, with BSE midcap and smallcap rising rose more than 0.5 percent each.
JSW Steel, Tata Steel, Shree Cements, Titan Company and Hindalco were among the top gainers on the Nifty. Losers included IndusInd Bank, SBI Life Insurance, Sun Pharma, HDFC Bank and ONGC.
Stocks & sectors
On the BSE, except power and bank, all other sectoral indices ended in the green.
Among individual stocks, a volume spike of more than 100 percent was seen in Shree Cements, HDFC AMC and Indus Tower.
A long buildup was seen in HDFC AMC, Shree Cements and JSW Steel, while a short buildup was seen in Amara Raja Batteries, APL Apollo Tubes and Godrej Consumer Products.
More than 200 stocks, including Ambuja Cements, Mindtree, NMDC, JSW Steel and Hindalco, hit a fresh 52-week high on the BSE.
The Nifty formed a Doji candle as after a wild swing within a range of 160 points, it closed near the opening levels but closed positive after gaining around 50 points. It formed higher lows from the last third session running.
"The Nifty has to decisively hold above the 14,880 zone to witness a range breakout and an up move towards 15,000 and 15,100 zones, while on the downside, support exists at 14,750 and 14,650 levels," said Chandan Taparia of Motilal Oswal Financial Services.Disclaimer
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