Sensex crosses 53,000 mark; BSE Power jumps over 1 per cent; Adani Green, Adani Transmission & Adani Power lock at upper freeze!

Market Update at 11:50 AM: The key benchmark indices traded near their intraday highs with Nifty & Sensex gaining 0.38 per cent and 0.35 per cent, respectively.  

Majority of the sectoral indices were trading in green with BSE Power, BSE Bankex and BSE Industrials were the top gainers. BSE IT, BSE FMCG and BSE Metal have been laggards so far as they are trading with minuscule losses.   

Among the stock specific action Adani Group stocks are seen buzzing with Adani Green, Adani Transmission and Adani Power got locked at their respective upper circuits.

Nifty rallied for the second consecutive day along with the support of broader market participation. It gained 112.15 points and closed at 15,834.35. Barring IT and pharma, all the sectoral indices closed with decent gains. Nifty Realty gained more than 2.5 per cent, which was followed by Nifty Metal while Bank Nifty ended up by 1.16 per cent each. The market breadth was positive. About 268 stocks hit a new 52-week high and 248 stocks traded in the upper circuit. 

The price action of the day formed a bullish candle as its closing was higher than the opening level. Nifty maintained the opening gains and it has given confirmation to Friday's hammer. Also, it has negated formation of lower lows in the last four sessions.   

Nifty closed above the 20-DMA after three days. It closed near the day's high. The upper Bollinger Band is placed at 15,880, which also happens to be the immediate resistance level for the index. As Bollinger Bands are contracting, a close above this resistance could lead to a sharp move. On Monday, Nifty remained in momentum for the first two hours while later, it consolidated around the upper band.   

The RSI reached downward channel resistance. The histogram shows a decline in the negative momentum. The market breadth is positive whereas, volume is marginally lower. Nifty Futures registered a freak trade at 16,546.50. VIX further declined to 12.0675. As long as Nifty trades above the level of 15,680-15,740, be with a positive bias.