21 Feb, 2011, 05.01PM IST,ET Bureau
MUMBAI: Benchmarks ended near day’s highs as institutions bought index heavyweights at lower levels after a sharp fall in previous session. The pull-back was led by gains in technology, oil&gas and metals space while auto sector witnessed profit booking.
Indices opened on a positive note and turned choppy due to lack of conviction amongst investors. However, the momentum picked up in the last one hour of trade and comfortably took the benchmarks above intermediate resistance levels.
National Stock Exchange’s Nifty ended at 5518.60, up 59.65 points or 1.09 per cent. The broader index touched a low of 5413.10 and high of 5526.25 in today’s trade.
Bombay Stock Exchange’s Sensex ended at 18438.31, up 226.79 points or 1.25 per cent. The broader index touched a low of 18082.66 and high of 18457.49 intraday.
“On the daily chart, we are observing a Bearish Engulfing candlestick pattern. Any close below 18159 / 5441 levels would activate the bearish implication of the candlestick pattern. As a result, the indices could test 18157 – 17993 / 5438 – 5388 levels (Fibonacci retracement levels). In case of further downside, the upward gap area (17752 to 17857 / 5319 to 5340) formed during the bounce is a crucial support for the market. On the upside, the high (18690 / 5599) of the candlestick pattern mentioned above is the resistance in the near term.
Any move beyond this level would only negate the bearish pattern. At present, any reversal from the support levels mentioned would be the first sign of higher-bottom on the indices. A higher-top higher- bottom cycle, defining a sustainable uptrend, would be confirmed ONLY above 18690 / 5599 levels,” said Angel Broking note.
BSE Midcap Index was down 0.04 per cent and BSE Smallcap Index moved 0.09 per cent lower.
Amongst the sectoral indices BSE IT Index was up 2.74 per cent, BSE Oil&gas Index moved 1.81 per cent higher and BSE Metal Index moved up 1.31 per cent. BSE Auto Index was down 1.18 per cent.
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