In a day of rangebound trading, the market ended higher on October 23 with Nifty comfortably finishing above 11900.
At close, the Sensex was up 127.01 points or 0.31 percent at 40685.50, and the Nifty was up 33.90 points or 0.28 percent at 11930.40.
On weekly basis, BSE Sensex rose 702.52 points or 1.75 percent to close at 40685.50, while the Nifty50 added 167.95 points or 1.42 percent to end at 11930.4 levels.
“The ideal strategy should be to trade long above the level of 12050 as it could push the market towards 12300/12400 levels (near to its all-time high level). Below the level of 11770, Nifty could fall back to 11428 where it has left a bearish gap on a weekly chart,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Sectorally, the action was seen in auto, power, It and metal space while profit-taking was seen in pharma and Realty stocks.
The broader markets outperformed benchmark indices with S&P BSE midcap index rising 0.59 percent while the smallcap index closed 0.71 percent higher.
The top gainers on the Nifty were Maruti Suzuki, M&M, Tata Steel, Power Grid Corp and Bajaj Auto; losers included UltraTech Cement, Shree Cements, HCL Tech, HUL and GAIL.
Also Read – Gainers & Losers: 10 stocks that moved the most on October 23
Stocks & sectors
Sectorally, the action was seen in the BSE Auto, which was up 2.7 percent. The BSE Power index added over 1 percent and the Capital Goods index jumped 0.55 percent.
Selling pressure was seen in the BSE Realty index, which slipped 0.94 percent.
A volume spike of more than 100 percent was seen in Indiabulls Housing, HDFC Life and Canara Bank.
Long build-up was seen Amara Raja Batteries, Adani Ports and Siemens. Short build-up was seen in IndusInd Bank, Coforge and Jindal Steel.
Crompton Greaves Consumer Electricals, JSW Steel, Jet Airways were among more than 100 stocks on the BSE hit a fresh 52-week high.
The Nifty formed bearish candle on daily while a small bullish Inside Bar or a Harami candle on weekly basis.
Overall, price and data setup suggests bounce may be seen but multiple hurdle and supply pressure at higher zones could restrict its upside momentum with higher volatility.
“Now it has to hold above 11820 zones to witness an up move towards 12100 zones while on the downside key support exists at 11777-11750 zones,” Chandan Taparia, Motilal Oswal Financial Services told .