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Taking Stock: Market bounces back; Sensex up 639 points, Nifty above 15,800; metals shine –

The market bounced back on July 22 to erase most of the losses of the previous two sessions, supported by metal, power, IT and realty names. At close, the Sensex was up 638.70 points, or 1.22 percent at 52,837.21 and the Nifty was up 191.90 points, or 1.23 percent, at 15,824.

“The market witnessed some positive movements and an attempt to hold the support level around the Nifty 50 Index level of 15,800,” said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.

For the short-term market scenario, it is crucial that the Nifty stays above 15,800, as the market can then gain momentum leading to an upside projection till 15,900-15,950, he said.

Technical indicators suggest a volatile movement in the market in a small range. Traders should refrain from building a fresh buying position until the market sees a further decisive movement.

Broader markets outperformed the benchmarks, with BSE midcap and smallcap indices rising 1.5 percent each.

JSW Steel, Tech Mahindra, Bajaj Finance, Bharti Airtel and Bajaj Finserv were the top Nifty gainers. HUL, Asian Paints, Bajaj Auto, Cipla and Britannia were among the top drags.

Stocks & sectors

On the BSE, except FMCG, all sectoral indices ended in the green, with metal, capital goods and power added 2-3 percent.

Among individual stocks, a volume spike of more than 1,000 percent was seen in SAIL, PNB and Jubilant FoodWorks.

A long buildup was seen in SAIL, Jubilant FoodWorks and PNB, while a short buildup was seen in HUL, Berger Paints and Bajaj Auto.

More than 450 stocks, including Asian Paints, Mastek, Jubilant FoodWorks, Avenue Supermarts and Tech Mahindra, hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a bullish candle on the daily scale and negated its lower high-lower low formation of the last two sessions.

“The Nifty has to hold above 15,800 zones to witness an up move towards 15,962 and 16,000 levels, while on the downside, support exists at 15,700 and 15,600 levels,” said Chandan Taparia, Vice President at Analyst-Derivatives.

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