The market ended higher for the second consecutive day on March 2 with Nifty reclaiming 14,900 supported by IT and auto stocks. At close, the Sensex was up 447.05 points or 0.90 percent at 50,296.89, and the Nifty was up 157.60 points or 1.07 percent at 14,919.10.
“The Nifty crossed 14,950 which is the upper end of the resistance patch. If we can keep above that level for the next couple of days, we would be all set to reactivate the bullish undertone of the markets and should then see higher levels of 15,200-15,300. The new updated support for the Nifty is 14,600-14,650,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Among sectors, Nifty IT and auto indices rose 3 percent each, while FMCG, Infra and Pharma indices rose 1 percent each.
Mid and smallcaps outperformed their larger peers with each adding 1.5 percent.
Tata Motors, M&M, Wipro, Adani Ports and NTPC were among the top Nifty gainers, while losers included ONGC, HDFC, Dr Reddy’s Labs, Coal India and Power Grid Corp.
Stocks & sectors
On the BSE, the Auto index added 3 percent and the IT index jumped 2.8 percent. Capital Goods, FMCG, Healthcare and Power indices rose 1 percent each.
A volume spike of more than 100 percent was seen in L&T Technology Services, Trent and Mphasis.
Long buildup was seen in Mphasis, L&T Technology Services and City Union Bank, while short buildup was seen in ONGC, Granules and Dr Reddy’s Laboratories.
More than 300 stocks, including Tata Motors, NTPC and Gujarat Gas, hit a fresh 52-week high on the BSE.
The Nifty formed a bullish candle with a long lower shadow on the daily scale which indicates that decline is being bought. It continues forming higher lows from the last two sessions and closed near to a key gap area of the Bearish Island Reversal pattern.
“The Nifty has to continue to hold above 14,750 zones to extend its move towards 15,000 then 15,150 zones while on the downside immediate support exists at 14,750 then 14,600 levels,” said Chandan Taparia of Motilal Oswal Financial Services.