The market managed to get back to opening levels in the last hour of trade with the NIfty ending a volatile session on a flat note on June 6, with traders waiting for the RBI Monetary Policy Committee meeting outcome on June 8.
The Sensex gained 5.4 points to close at 62,793, and the Nifty 5.2 points to 18,599. The broader market performed better, with the Nifty Midcap 100 index gaining 0.06 percent and the smallcap 100 index rising half a percent.
Bank Nifty also saw range-bound trade to close around 60 points higher at 44,165. Auto and realty topped the buying list with more than 1 percent gains, whereas IT declined nearly 2 percent.
Stocks that performed better included Mahindra CIE Automotive, which has given a consolidation breakout and climbed over 7 percent to end at record closing high of Rs 492 with above average volumes. It sustained well above 50 and 200-day exponential moving average (EMAs), forming long bullish candlestick on the daily charts.
Angel One rose 4.7 percent to Rs 1,446, the highest closing level since December 16, 2022, and formed a long bullish candlestick on the daily scale with strong volumes, sustaining uptrend for the second consecutive session. The stock saw a breakout of horizontal resistance trendline adjoining multiple touchpoints in previous session.
Ambuja Cements seems to be gaining momentum, as it rallied 4.6 percent to Rs 459, the highest closing level since January 25. It formed a long bullish candlestick on the daily scale with above-average volumes. The stock has gained more than 45 percent from its February lows.
Here's what Riches Vanara of Stoxbox recommends investors should do with these stocks when the market resumes trading today:
The price action on the monthly chart has staged a rounding bottom bullish breakout and has seen a tepid follow-through. The breakout comes on an ascending volume trend and improving relative performance compared to the Nifty, which is a positive sign.
The stock has seen improving price strength and ability to attract professional accumulation. The price action has an upside room till Rs 565 and support at Rs 452.
The stock pierced above the multi-month falling resistance line on tepid volumes and saw a buoyant follow-through to the breakout. This validates the strength of the breakout.
The price action faces immediate resistance at Rs 1,532 and a decisive closing confirmation will bolster an up move to Rs 1,595 with immediate support near Rs 1,325.
The cement stock has been forming ascending bases as the price action trends up from the lows of Rs 315. The constant basing formation is anticipated as a sign of modest accumulation to bolster the trend.
The price witnessed a strong bullish breakout in the last trading session. It can face resistance near Rs 490 and Rs 537, which are 61.8 percent and 78.6 percent retracement levels, whereas the support comes near Rs 435.
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