Indian markets snapped the two-day losing streak on February 11 to close in the green. The S&P BSE Sensex rallied by more than 200 points while the Nifty50 closed above 15,150 levels.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 222 points to 51,531 while the Nifty50 closed with gains of 66 points to 15,173.
Sectorally, the action was seen in energy, telecom, oil & gas, and metals while profit taking was visible in capital goods, consumer durables, auto, and realty.
Positive global cues helped benchmark indices to close with gains. The index remained to be in control of bulls and every dip was getting bought.
“The domestic market closed with slight gains after its rangebound rally, tracking gains in index heavyweights and positive European & Asian markets,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.
“The upward movement in the market was supported by energy, telecom and FMCG stocks with small caps outperforming. Dip in January auto retail sales numbers pushed the sectoral index into the negative territory while PSU banks also remained under pressure,” he said.
Here is what experts say investors should do on February 12:
Ajit Mishra, VP – Research, Religare Broking Ltd
Markets ended with modest gains in a volatile trading session. After the initial downtick, the benchmark recovered in no time and remained range-bound thereafter.
We reiterate our bullish view on markets however traders should maintain extra caution in the selection of stocks now.
Participants would be actively tracking key macroeconomic data like IIP, CPI and WPI data for cues on Friday. A decisive break above 15,250 would trigger further up move else consolidation will continue.
Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited
The Nifty index opened negative and moved in a consolidative manner with buying on decline throughout the day. Nifty formed a Bullish candle on a daily scale and surpassed its previous day’s high levels.
Now, the Nifty has to hold above 15050 zones to continue its bullish momentum towards 15250 and 15500 zones while on the downside major support can be seen around 15000 and 14850 zones.
Rohit Singre, Senior Technical Analyst at LKP Securities.
The Nifty index closed a day on a positive note at 15173 with gains of half a percent, the index has formed a range and it’s trading within the same range last four sessions.
The overall range for Nifty is coming at 15k on the downside and 15250 on the higher side so unless we see either side breakout final direction will not be clear and the index may trade sideways in the same range.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited
Some lackluster movement witnessed in the market. Nifty 50 Index is still trading below the resistance level of 15250. The breakout above 15250 is critical for the Index to regain its upside momentum.
Therefore, the short-term traders should use the rally to exit while buying any dip towards the support level around 14900-14800.
The momentum observed in the indicators like RSI, MACD to continue showing divergence, supporting the view that the market is likely to take a pause around this level and stay in a range.
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