Mumbai, 11 February. On Wednesday, the third trading day of the week, major benchmarks of the Indian stock market opened in the green with a rise. During this period, Sensex opened at 84,339.15 with an increase of 65.23 points from its previous close (84,273.92), while Nifty opened at 25,997.45 with an increase of 62.3 points from its previous close (25,935.15).

This is the third consecutive session this week when the market started the trading with a positive trend. At the time of writing (around 9.25 am), the 30-share BSE Sensex was up 102 points or 0.1 percent at 84,374, while the NSE Nifty was trading at 25,979 with a gain of 44 points.

During this period, there was no significant change in the broader indices. The BSE Midcap index declined 0.2 per cent, while the Smallcap index rose 0.1 per cent. Sector wise, Nifty Auto saw the highest gain of 1.34 percent. A rise of 0.18 percent was recorded in Nifty FMCG, while a decline of 0.45 percent was recorded in Nifty IT and 0.28 percent in Nifty Bank. In the Sensex pack, shares of Mahindra & Mahindra, Titan, Maruti Suzuki, Tata Steel, SBI and Sun Pharma registered the biggest gains. Whereas shares of HCL Tech, Trent, TCS, Bharti Airtel, ITC and Larsen & Toubro were among the top losers.

Akash Shah, Technical Research Analyst, Choice Broking said that Nifty remains above its key short-term moving average and has been successful in holding firmly above the support zone of 25,800-25,900. On the upside, the 26,000 level is immediate resistance. If Nifty closes strongly above 26,000, short covering may increase and the current recovery in the market may be extended further. On the downside, 25,800 is the first important support, after that 25,700 level will be important. Currently the market structure is positive, but there may be some consolidation near the resistance.

Talking about foreign investors (FIIs), they made purchases for the third consecutive session on Tuesday and bought shares worth about Rs 69 crore, which reflects better risk sentiment globally. At the same time, domestic institutional investors (DIIs) also showed active participation and made net purchases of about Rs 1,174 crore, which supported the market even at higher levels.

The expert further said that positive but limited trading may be seen in the market, in which the bullish trend may continue. Investors’ focus can remain on auto, metal, banking and stocks giving good results. However, with Nifty nearing the crucial level of 26,000, vigilance and better risk management will be necessary.