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Bulls seem to have come back after a short break as equity indices snapped a two-day losing streak to close in the green on February 11.

The S&P BSE Sensex rose 0.4% by adding 222 points to close at 51,531, while the Nifty 50 Index gained 0.4% or advanced 66 points to end the session at 15,173 aided by stocks like RIL, Bajaj Finance, HUL, Bharti Airtel and Sun Pharma.

Both indices had closed the previous two sessions lower after six days of gains, their longest winning streak in a month that took them to new highs.

Among the sectoral indices, the Nifty Metal index was the top performer today, ending with gains of 1%. The Nifty FMCG index rose 0.8%.

Some stocks which gained limelight in the session today included MRF which tanked 7% in trade after the company announced Q3 numbers. Magma Fincorp on the other hand jumped 10% after Adar Poonawala bought stake.

Eicher Motors was the top loser in the Nifty pack for a second straight day, falling 2.56 per cent. Titan, L&T, Tata Motors, Coal India, HDFC Life Insurance, JSW Steel and Cipla were others that ended in the red.

Here’s how experts believe markets are likely to trade tomorrow:

Chandan Taparia, Analyst-Derivatives, MOFSL:

Nifty has to hold above 15,050 zones to continue its bullish momentum towards 15,250 and 15,500 zones while on the downside major support can be seen around 15,000 and 14,850 zones.

India VIX fell 3.78% from 23.95 to 23.04 levels. Now, VIX needs to cool down and hold below 21 zones for continuation in the ongoing momentum with higher market base.

Rohit Singre, Senior Technical Analyst, LKP Securities:

Index closed the day on a positive note at 15,173 with gains of half a per cent, the index has formed a range and it’s trading within the same range last four sessions. The overall range for nifty is coming at 15K on the downside and 15,250 on the higher side so unless we see either side breakout final direction will not be clear and index may trade sideways in the same range

Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited:

Nifty 50 Index is still trading below the resistance level of 15,250. The breakout above 15,250 is critical for the index to regain its upside momentum.

Therefore,  the short-term traders should use the rally to exit while buying any dip towards the support level around 14,900-14,800. The momentum observed in the indicators like RSI, MACD to continue showing divergence, supporting the view that the market is likely to take a pause around this level and stay in a range.

Mudit Goyal, Research Analyst, SMC Global:

Technically nifty formed a small green candlestick on daily charts and ended near days high which indicates buying is aggressive for coming days.

Overall, Nifty is continuously trading in higher highs and higher lows on daily and weekly charts, bullish in nature.
We are trading at all time high so volatility is there, but every dip is a buying opportunity.

Nifty may test 15,400-15,500 in coming days and on the lower side 15,000-14,900 may act a major support zone.