The Nifty index witnessed selling pressure near its crucial resistance levels around 10,200 levels. But, nevertheless, it was a strong day on D-Street as market gains for the 2nd day in a row to close at over 1-week high. More than two shares advanced for every share falling on the BSE.
The S&P BSE Sensex which rallied over 300 points in trade on Tuesday came under pressure in the second half of the trading session ahead of crucial March F&O expiry on Wednesday. The index sustained gains on the back of strong global cues as fears if trade wars ebb.
The Nifty50 took support at its 5-days exponential moving average (DEMA) before bouncing back above its crucial 200-DMA placed at 10,177. The index closed with a ‘Doji’ type of a candlestick pattern on the daily charts.
Doji is more of an indecisive pattern and after a ‘Long White Day’, a Doji pattern signals nervousness on D-Street and we could see the index turning volatile on the expiry day as well.
The Nifty index witnessed selling pressure near its crucial resistance levels around 10,200 levels. But, nevertheless, it was a strong day on D-Street as market gains for the 2nd day in a row to close at over 1-week high. More than two shares advanced for every share falling on the BSE.
Banks continue to outperform as half of the Nifty gains were contributed by financials. The midcap index posted its biggest one-day gain in more than a month.
The Nifty bank gains over 750 points in 2 sessions, biggest 2-day gains in 5 months. The market breadth turns in favour of advances as the advance-decline ratio was recorded at 3:1. Only 11 Nifty stocks close in the red; Bharti Airtel, HDFC top losers.
Sectorally, metals, PSU, basic material, oil & gas, and healthcare stocks rallied while telecom stocks saw some bit of profit booking.
Top Sensex gainers: SBI (up 3%), IndusInd Bank (up 1.5%), Tata Steel (up 1.3%), Asian Paints (up 1.1%), and TCS (up 1.02%).
Top Sensex losers: Bajaj Auto (down 1.2%), HDFC (down 0.58%), Wipro (down 0.49%), Hero MotoCorp (down 0.4%), and M&M (down 0.4%).