Benchmark indices rose 1 percent on March 8 pushing Nifty above 15,100 on an intraday basis. At close, the Sensex was up 584.41 points or 1.16% at 51,025.48, and the Nifty was up 142.20 points or 0.95% at 15,098.40.
“The market managed to close the day on a positive note after a strong volatile session at 15,100 with gains of nearly one percent. Nifty managed to cross the 15,100 zone decisively which was acted as a strong hurdle previously which hints we may see some more positive move going forwards if the index sustains above the 15,100 zone on an immediate basis. Strong support is still formed at the 15k mark and hurdle zone for Nifty is coming near 15,170-15,250 zone,” said Rohit Singre, Senior Technical Analyst at LKP Securities.
Barring Nifty Bank and IT, all other sectoral indices ended lower. BSE Midcap and Smallcap indices also ended in the red.
SBI Life Insurance, Kotak Mahindra Bank, ICICI Bank, HDFC Bank and HDFC were among major gainers on the Nifty, while losers were BPCL,
Tata Steel, GAIL, IOC and Power Grid Corp.
Stocks & sectors
On the BSE, IT and Bank indices rose 0.9 to 1.9 percent, however, Oil & Gas and Metal indices shed 2 percent each.
A volume spike of more than 100 percent was seen in United Breweries, BPCL and HDFC AMC.
Long buildup was seen in Trent, Mindtree and Coforge and GAIL while short buildup was seen in BPCL, Havells India and Amara Raja Batteries.
More than 250 stocks, including UPL, SBI Life, NMDC, BEML and Aurionpro Solutions, hit a fresh 52-week high on the BSE.
Technical View
The Nifty formed a Bullish Hammer like candle on the daily scale with a long lower shadow which indicates declines were being bought. It has been moving in a consolidative manner from the last few sessions.
“Nifty has to decisively cross and hold above 15,100 zones to witness an up move towards 15,200 and 15,300 zones, while on the downside immediate support exists at 15,000 then 14,900 levels,” 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.
