The market ended with moderate gains driven by heavyweights like ICICI Bank and Reliance Industries after a choppy trading session. The Sensex rose 115.27 points, or 0.35 per cent, to settle at 33,370.63 and the Nifty rose 33.20 points, or 0.33 per cent, to close at 10,245.
Mid-cap and small-cap indices outperformed Sensex and Nifty. The BSE Mid-Cap and Small-Cap indices rose 0.92 per cent and 1.35 per cent, respectively.
Among the sectoral indices on the BSE, Power was up 1.57 per cent, Utilities 1.13 per cent and the Bankex 1.08 per cent.
Mustafa Nadeem, CEO, Epic Research, said: “The current trend is largely due to the move we had seen in last week. The positive close last week with a reversal pattern on weekly chart concluded the ground for short-term term bulls. The follow-up buying has now provided short-term term support, with price action establishing itself above 200 days moving average and this is the half battle done.
A break of the channel on a closing basis in the short-term will give us further confirmation of the upward momentum on a sustainable basis. With that, we are also witnessing 50 per cent retracement to be providing the psychological support. We expect next upside resistance to be around 10350 and 10380.
Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: “It appears as if our markets completely shrugged off extremely negative cues from the US bourses. Due to Tuesday’s tail-end optimism, the index has precisely closed around the higher boundary (10250) of the small ‘Falling Channel’.
“It is important to be noted that the higher degree trend with a near-term view still remains down and hence, we construe this just as a breather or a relief move. Hence, traders need to be very stock-specific and should ideally be looking to book timely profits in their short-term trades.”