The domestic stock market witnessed a choppy trading session today, as alternate bouts of buying and selling led indices move around in a volatile manner. However, persistent buying in the last hour led Indian markets to rise and end the day with marginal gains. Sensex ended 45 points up, while Nifty closed 26 points up. Mid caps and small caps also posted gains for the day.On the daily chart, after breaching the upper boundary of triangle, Nifty struggled at higher levels instead of rising full blow. On the hourly chart, there is a negative divergence, but unless either of the bullish trend lines is broken, bulls are pretty safe. Also, the small consolidation range on the hourly chart should give an upside breakout, for the current rally to continue. The daily KST is still bullish. Bulls headed the market breadth with 841 advances and 377 declines.
The hourly KST has given a negative crossover. Our shortand mid-term biases are up for the target of 3150 and 3200 respectively with the short- and mid-term reversal pegged at 2815 and 2738 respectively.
Buying was witnessed in stocks across all sectors with stocks from metal and healthcare space leading the race. However, stocks from information technology and energy sectors experienced some profit booking and ended lower.From the 30 stocks of Sensex, Tata Motors (up 9%), Tata Steel (up 9%) and Reliance Communications (up 9%) led the pack of gainers, while HDFC (down 4%) and Infosys Technologies (down 2%) led the clutch of losers.