The market snapped the four-day losing streak and ended higher in the volatile session on July 2, with the Sensex adding 166.07 points, or 0.32 percent, to end at 52,484.67, and the Nifty rose 42.20 points, or 0.27 percent, to close at 15,722.20.
For the week, the Sensex and the Nifty declined nearly 1 percent each.
“The markets are taking support at lower levels and today was no different. We have respected the 15,600-15,650 patch today and the bias still remains on the upside as long as 15,400 does not break on a closing basis,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
“The Nifty still has the wings to achieve 16,100 and hence any dip can be utilised to accumulate long.”
Among sectors, the metal index slipped 1.5 percent, while Nifty bank, infra and pharma indices ended in the green. BSE midcap ended flat, while smallcap index added 1 percent.
Gland Pharma, Divis Labs, ICICI Bank, Reliance Industries and Coal India were among the top gainers on the Nifty. Top losers were Tata Steel, Britannia Industries, JSW Steel, Power Grid Corp and Hindalco.
Stocks & sectors
On the BSE, metal and power indices shed a percent each, while buying was seen in the bank, pharma, IT and realty names.
Among individual stocks, a volume spike of more than 700 percent was seen in Tata Chemicals, Torrent Pharma and Trent.
Long buildup was seen in Tata Chemicals, Torrent Pharma and Navin Fluorine, while short buildup was seen in Coforge, TVS Motor and Marico.
More than 400 stocks, including Suzlon Energy, Dabur India and Divis Laboratories, hit a fresh 52-week high on the BSE.
The Nifty continued its lower lows from the last four sessions but formed a bullish hammer candle on the daily scale, which indicates that declines are being bought.
“The Nifty has to hold above 15,700 zones to witness an up move towards 15,850 and 15,900 zones, while on the downside, support can be seen at 15,600 and 15,500 zones,” said Chandan Taparia of Motilal Oswal Financial Services.