The market ended flat for the second day in a row in a highly volatile session on February 10. At close, the Sensex was down 19.69 points or 0.04% at 51,309.39, and the Nifty was down 2.80 points or 0.02% at 15,106.50.
“Previous few weeks have been quite volatile where in Nifty witnessed a 7.5 percent correction and an equally strong bounce back to scale new highs. The medium-term undertone continues to be extremely positive; in the near term, some consolidation is expected before the up move resumes. We believe 14,700-14,800 is a strong entry range for the index and on the higher side one can expect 15,700-16,000. IT and select BFSI stocks look positive while metals and realty are expected to witness consolidation,” said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.
Among sectors, buying witnessed in auto, IT, pharma names, while some selling seen in the banking and infra stocks.
Broader markets outperformed the benchmarks with BSE Midcap and Smallcap indices ended 0.4-0.7 percent higher.
Cipla, Bajaj Finserv, SBI Life Insurance, M&M and HDFC Life were among major gainers on the Nifty, while losers were Eicher Motors, Bharti Airtel, HDFC Bank, Tata Steel and Britannia Industries.
Stocks & sectors
On the BSE, realty index rose 1.7 percent and auto index added 1 percent, while selling seen in the capital goods and bank sector.
A volume spike of more than 100 percent was seen in SAIL and Motherson Sumi Systems.
Long buildup was seen in Page Industries, Voltas and Berger Paints while short buildup was seen in SAIL, Tata Steel and Eicher Motors.
Over 200 stocks including MRF, Grasim Industries and Jindal Steel hit a fresh 52-week high on the BSE.
Nifty formed a Doji candle on daily scale with a long lower shadow indicating dips were being bought in the market.
Now, Nifty has to hold above 15000 to continue its bullish momentum towards 15200 and 15250 zones while on the downside major support can be seen around 14850 and 14750 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.