The market continued its upside momentum, amid consolidation, for the third consecutive session on October 20 led by technology, select automobile and banks stocks. Fall in the number of COVID-19 infections, strong September quarter earnings and hope for further fiscal stimulus supported the market.
The Sensex ended up 112.77 points at 40,544.37 and the Nifty gained 23.8 points at 11,896.80. The latter formed a small bodied bullish candle on the daily charts, which resembles a Shooting Star kind of pattern.
The overall market breadth was slightly positive with minor gains registered in the midcap and smallcap indices.
"We are unlikely to see any sharp weakness. Any minor decline/consolidation could be a buy on dips opportunity for the short term," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.