The market ended with modest gains, with the Sensex gaining 155.06 points or 0.43 per cent to settle at 35,850.16. The Nifty rose 49.25 points or 0.46 per cent to settle at 10,776.60. The index hit high of 10,835.95 and low of 10,750.15 in intra-day trade. The mid-cap and Small cap rose 0.03 and 0.06 per cent respectively.

Among the sectoral indices, the realty (1.55 per cent), telecom (1.26 per cent), IT (1.11 per cent) outperformed the Sensex. The metal (-0.17 per cent), capital goods (-0.11 per cent) and healthcare indexes (-0.39 per cent) underperformed the Sensex. Axis Bank (2.84 per cent), Tata Motors (2.64 per cent), Maruti Suzuki (1.54 per cent), NTPC (1.51 per cent) and Power Grid Corporation of India (1.07 per cent) were the major gainers. While, the Bajaj Auto (-2.82 per cent), Yes Bank (-1.35 per cent), Hero MotoCorp (-1.11 per cent) and Bajaj Finance (-1.03 per cent) were the major losers.

Market view

According to Sameet Chavan, chief analyst-technical and derivatives at Angel Broking, “In morning, Our benchmarks opened higher in-line with the Nifty; however, the follow up buying was clearly missing right from the word go. Index consolidated for the major part ther-eafter and eventually in the latter half, we saw some profit booking to conclude the session.

“Now, if we look at the hourly chart, the Nifty is oscillating within the boundaries of a ‘Triangle’ pattern and we are nearing the apex point of the same. Hence, quite soon, we would see breakout on either sides which may probably expand the range and thereby volatility as well. As long as Friday’s low of 10,628 remains intact, we would expect a breakout to happen in the upward direction i.e. beyond 10,855. Hence, one needs to keep a close eye on this development and should position accordingly,” he said.

Technical view

Jay Thakkar, CMT - head technical and derivatives research - AVP Equity Research, Anand Rathi Shares and Stock Brokers, said that the Nifty closed in the positive territory in the last trading session and the Index seems to have reversed well from the lower end of the symmetrical triangular pattern. The Index has started to form higher tops and higher bottoms with a buy crossover in its momentum indicator MACD on the daily and hourly charts. So, we recommend buying Nifty for the target of 11,050 with a stop loss below 10,700 levels.

—Ashwin Punnen