Technically, Nifty formed a bearish candle, but at the same time, it has been holding above crucial support levels, said Chandan Taparia of Motilal Oswal Financial Services.
FMCG, telecom and energy indices rose over 1 percent each while capital goods, auto, and metal indices saw a bit of profit-taking
Ritesh Ashar of KIFS Trade Capital is bullish on the market and expect the Nifty to climb 11760 levels.
Chandan Taparia of Motilal Oswal Financial Services said the index is all set to hit fresh life highs of 11760 by 8-10 weeks or by May-end.
Experts said it is now advisable to look at stocks which are displaying signs of a breakout.
Yogesh Mehta of Motilal Oswal Securities said when the market moves from strong disappointment to optimism, retail investors should watch out for the stocks that they pick for their portfolio
The market has been moving in one direction and that is up so far in March. The S&P BSE Sensex has already rallied 1668 points while Nifty surged 509 points in the same period.
The S&P BSE Sensex closed above 37000 for the first time since September 19, 2018, while Nifty50 reclaimed 11,100 levels for the first time since September 21.
On a weekly basis, Nifty50 closed with gains of 1.5 percent while the Sensex rallied over 600 points or 1.6 percent.
IT stocks succumbed to selling pressure for yet another day as the rupee hit a 2-month high. Wipro was down 3 percent, while Infosys and Tech Mahindra shed a little over 1 percent each.
Vishal Malkan, Founder Malkans View said it might be early to say that the pre-election rally has started but one thing is certain that March expiry will be better than February.
Ashish Chaturmohta of Sanctum Wealth Management said once we see a sustainable move above 11,000, it could trigger short coverings in the market thanks to huge Put Writing seen around 11,000-11,200.
In February market was weighed down by Indo-Pak tension, trade war concerns, the rise in crude oil prices, concerns regarding lenders selling pledge shares, weak GDP data as well as mixed earnings from India Inc.
Options band signifies a broader trading range of the March series in between 10585 to 11118 zones and requires a range breakout to start the next leg of the rally, suggest experts.
The market is likely to remain volatile ahead of February F&O expiry, GDP data as well as developments on geopolitical situation
On the sector front, most indices witnessed selling pressure, except auto and oil & gas which ended marginally in the green. Realty, banking, and capital goods were amongst the top losers.
“We have seen the index rebound from 10,585 and the move could well take the index towards 10,900,” Ritesh Ashar of KIFS Trade Capital said
The big outperformer was the broader market as both Nifty Midcap and Small-cap indices recorded gains of over 2% each for the week ended February 22
The index is comfortable trading above its 100-days moving average as well as 5, and 13-days exponential moving average (EMA) on the daily charts which is a positive sign, but for bulls to regain control, the index has to hold above 10,900 levels, suggest experts.
The S&P BSE Sensex rallied over 400 points after 13 sessions while Nifty50 reclaimed 10700 levels. It posted best daily gain since Jan 31, 2019, when the index rose by 1.68 percent.
Investors are advised to stay cautious and use rallies to build short positions in the Nifty
The last time when Sensex fell for seven consecutive days in a row was back in January 2018. The index fell from January 30 to February 7, 2018
At the close of market hours, the Sensex was down 67.27 points or 0.19% at 35808.95, while the Nifty was down 21.60 points or 0.20% at 10724.40.
At the close of market hours, the Sensex was down 157.89 points or 0.44% at 35876.22, and the Nifty down 47.70 points or 0.44% at 10746.00.
At the close of market hours, the Sensex was down 119.51 points or 0.33% at 36034.11, and the Nifty down 37.70 points or 0.35% at 10793.70.