The market continued its upward march for the sixth consecutive session on February 8 with benchmark indices logging over 1 percent gains. At close, the Sensex was up 617.14 points or 1.22 percent at 51,348.77 and the Nifty was up 191.50 points or 1.28 percent at 15,115.80.
“Next target was Nifty is 15,200 and if the rally sustains, we could head towards 15,500 levels during the course of February. 14,600 is good support for the index and as long as that holds, traders can buy on dips or intraday corrections,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Barring FMCG and PSU Bank, all other sectoral indices ended in the green with Nifty Auto and Metal indices ending 3 percent higher.
Broader markets outperformed the benchmarks with BSE Midcap and Smallcap indices adding 1.5 percent each.
M&M, Hindalco Industries, Tata Motors, Shree Cements and JSW Steel were among top gainers on the Nifty, while losers included Britannia Industries, HUL, Kotak Mahindra Bank, Divis Labs and Bajaj Finance.
Stocks & sectors
On the BSE, metal and auto indices gained 3 percent each, while IT and realty indices added 2 percent respectively. However, some selling was seen in the FMCG pack.
A volume spike of more than 100 percent was seen in Exide Industries, Amara Raja Batteries and Godrej Consumer Products.
Long buildup was seen in Exide Industries, Motherson Sumi and Power Grid while short buildup was seen in Godrej Consumer Products, Page Industries and Britannia Industries.
Over 300 stocks including Siemens, PNB Gilts and M&M hit a fresh 52-week high on the BSE.
Technical View
Nifty formed a small-bodied candle on the daily scale and continues its higher highs – higher lows formation of the last five sessions.
Now, it has to continue to hold above 14,750 zones to continue its bullish momentum towards 15,250 zones. On the downside, support can be seen around 14,600 and then 14,500 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.
