The Sensex shed intraday losses and pulled back in the positive terrain on Monday, led by gains in technology, banks and healthcare stocks even as the European markets were subdued.
The trade is likely to remain range-bound with negative bias in the near term in the absence of cues from global peers,
On weekly charts, the Nifty has formed a small ?doji? candlestick pattern that is typically followed by a strong directional move. Thus, we expect strong price action in the coming week that is also the settlement week for the October series derivatives contracts.
Since the Nifty is constricted within a trading range of 5,630 and 5,728, we do not wish to hazard a directional call, and would wait for a breakout from this range, that offers ~2-3% move in the direction of breakout,?
The 30-share index ended at 18,793.44, up 111 points or 0.59 per cent.
The Nifty ended at 5717.05, up 32.88 points or 0.58 per cent.
The BSE Midcap Index was 0.04 per cent lower and the BSE Smallcap Index moved up 0.29 per cent.
Among the sectoral indices, the BSE IT Index was up 1.21 per cent, the BSE Bankex gained 0.85 per cent and the BSE Healthcare Index climbed up 0.81 per cent. The BSE FMCG Index was down 0.87 per cent, the BSE Realty Index declined 0.51 per cent and the BSE Metal Index was 0.11 per cent lower.
TCS, ICICI Bank, NTPC, Dr Reddy?s Laboratories and Bharti Airtel were the major Sensex gainers.
Tata Consultancy Services gained momentum after the company posted a 44 per cent rise in the quarterly profit on Friday. The IT major reported a net profit of Rs 35.12 billion for the quarter ended September 2012 as against Rs 24.39 billion a year ago.
ITC , Jindal Steel, Sterlite Industries, SBI and Tata Motors were among the top index losers.