The Indian equity benchmarks snapped their two-day losing streak on Monday led by gains in information technology shares like Tata Consultancy Services, HCL Technologies, Infosys and Reliance Industries. The Sensex rose as much as 452 points and Nifty 50 index touched an intraday high of 16,592.50. However, the benchmarks came off intraday highs in noon deals as booked profit at higher levels as traders turned cautious because of the extremely bearish market breadth, analysts said. The overall market breadth was extremely negative as 2,482 shares ended lower while 770 shares ended higher on the BSE.The Sensex advanced 226 points to close at 55,555 and Nifty 50 index rose 46 points to close at 16,496.”If Nifty sustains above 16,500 in short term it can go up to 16,700 as the momentum indicators like relative strength index (RSI) and moving average convergence divergence (MACD) are positive,” Ashis Biswas, head of technical research at CapitalVia Global Research said.
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