Sensex up 226 points, Nifty above 15,850 on a volatile day; midcaps outperform

Indian benchmark indices ended higher for the second straight session amid volatility on June 25. At close, the Sensex was up 226.04 points, or 0.43 percent at 52925.04, and the Nifty was up 70 points, or 0.44 percent, at 15860.40.

“The market witnessed some recovery from the support of 15,800. The market suggests trading above 15,800 is positive from a short-term perspective,” said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.

If the market breaches the resistance zone of 15,900-15,920 and sustains above it, it can gain momentum leading to an upside projection till 16,100-16,200, Biswas said.

Momentum indicators like RSI, MACD to strengthen further in favour of a positive outlook.

For the week the Nifty and the Sensex added a percent each.

On the sectoral front, Nifty bank, metal and PSU bank indices added 1-2.5 percent, while BSE midcap index added 1 percent and smallcap index rose 0.4 percent.

Tata Steel, Axis Bank, SBI, ICICI Bank and Hindalco Industries were among major gainers on the Nifty. Top losers included Reliance Industries, Titan Company, NTPC, HUL and Asian Paints.

Stocks & sectors

On the BSE, bank, capital goods, healthcare and metal indices added 1-2 percent each, while FMCG and oil & gas indices shed 0.5-1 percent.

Among individual stocks, a volume spike of more than 100 percent was seen in Navin Fluorine International and Ashok Leyland.

Long buildup was seen in Vodafone Idea, Apollo Hospitals and Aarti Industries, while short buildup was seen in Kotak Mahindra Bank, Indraprastha Gas and Gujarat Gas

More than 350 stocks, including TCS, Oil India and Dhampur Sugar Mills, hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a small-bodied bullish candle on the daily scale and gave the second-highest ever daily close.

It formed a bullish candle on the weekly scale and regained its decline of last week with the highest-ever weekly close.

“The index has to hold above 15,800 zones to witness an up move towards 16,000 and 16,200 zones, while on the downside support can be seen at 15,700 and 15,600 zones,” said Chandan Taparia of Motilal Oswal Financial Services.