The BSE Sensex climbed 226.04 points to 52,925.04, while the Nifty50 jumped 69.90 points to 15,860.40 and formed a bullish candle, resembling a Hanging Man pattern on the daily charts.
Though this pattern resembles the negative Hanging many type formation, but having this pattern formed at the wrong place, the negative implication is ruled out,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
“The Nifty made a swing high of around 15,870 on Friday and this possibly signals repeated testing of key overhead resistance around 15,900 levels.
“The market is now placed to show upside momentum above the hurdle of 15,900 levels in the coming few sessions.
According to pivot charts, the key support levels for the Nifty are placed at 15,798.13, followed by 15,735.97.
The important pivot level, which will act as crucial support for the index, is placed at 35,023.03, followed by 34,681.46.
An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions.
A decline in open interest, along with a decrease in price, mostly indicates a long unwinding.
An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions.
A decrease in open interest, along with an increase in price, mostly indicates a short-covering.
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Thyrocare Technologies: Docon Technologies along with API Holdings, the parent company of unicorn Pharmeasy to acquire 66.1 percent equity stake in Thyrocare Technologies, for Rs 4,546 crore.
Brigade Enterprises: The company raised Rs 500 crore from qualified institutional buyers at a price of Rs 268 per share.