The market ended higher in a volatile session on July 7 supported by the metal and financial names. At close, the Sensex was up 193.58 points or 0.37% at 53054.76, and the Nifty was up 61.40 points or 0.39% at 15879.70.
Benchmark indices finished at a record closing high, with Sensex closing above the 53,000 level.
“The markets managed to close in the green but were unable to cross 15,900 on a closing basis. If we can manage to do that, we should be heading to 16,100. Good support lies at 15,400 and as long as that holds, we are in bullish territory and corrective waves can be strategically utilized to buy this market,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
BSE midcap and smallcap indices ended in the green.
Tata Steel, JSW Steel, Bajaj Finserv, Hindalco and UPL were among the top gainers on the Nifty. Top losers were Titan Company, ONGC, Maruti Suzuki, SBI Life Insurance and Shree Cements.
Stocks & sectors
On the BSE, Realty and Metal indices rose 2 percent each, while selling was seen in auto and oil & gas stocks.
Among individual stocks, a volume spike of more than 200 percent was seen in Berger Paints, Indian Hotels and BHEL.
Long buildup was seen in Indian Hotels, Bharat Forge and Berger Paints, while short buildup was seen in Tata Motors, Titan and Coromandel International.
More than 400 stocks, including Gland Pharma, NALCO, Subex, SRF and Nitin Fire Protection Industries hit a fresh 52-week high on the BSE.
Nifty formed a bullish candle with a long lower shadow on the daily scale which indicates that declines were being bought.
“Nifty 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.