Domestic equity benchmarks descended from intra-day highs to end the day on a flat note.
Domestic equity benchmarks descended from intra-day highs to end the day on a flat note. S&P BSE Sensex gained 84 points during the day while Nifty added 56 points but failed to hold above 14,900 — a crucial resistance zone, according to technical analysts. Bank stocks fell in the dying hours of trade with HDFC Bank, Axis Bank, SBI, and ICICI Bank all ending the day in the red. Ultratech Cement and Titan were the top index gainers. Broader markets Nifty IT and Nifty Metal indices gained the most during the day.
Deepak Jasani, Head of Retail Research, HDFC Securities
“Indian benchmark equity indices gained for the third straight day on April 08 – the longest such streak in a month -, however, weekly F&O related volatility dragged the indices lower from their intraday highs. Nifty rose during the day but gave up big part of their gains towards the end. In the result it has formed a long legged doji post a minor rise. This suggests mild caution on the part of participants. On upmoves 14984-15050 band could provide resistance to the Nifty while 14716-14821 band could provide support.”
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
“The markets were successful in crossing 14950 but failed to sustain there. We reversed from there in few minutes and have again closed below the 14900 levels. If we are able to get past the 14950 levels on a closing basis, we could move higher to 15300-15400. On the other hand if we drift downward and break 14500 we could fall further to 14200.”
Vinod Nair, Head of Research at Geojit Financial Services
“Domestic market continued its optimistic rally supported by dovish monetary policy though it witnessed consolidation during the second half due to selling in Banking stocks. Metal stocks led the sectorial rally on a strong outlook supported by rising steel prices and production. Q4 earnings season has started and the market is expected to have a stock centric rally in the coming days which has a very broad positive view.”
S Ranganathan, Head of Research at LKP Securities
“Let not the more or less flat closing in Thursday’s trade take away the credit from the BULLS who simply took away the honours with a mighty rally across Metal names with admirable support from Cement stocks. The broader market witnessed sustained buying interest in Sugar & Fertiliser names.”
Jay Thakkar – VP and Head of Equity Research at Marwadi Shares and Finance
“Nifty has closed well above 14850 levels where Nifty Bank has closed well above 32500 levels. This indicates that the short term trend is positive. The target on the upside comes to 15000 to 15075 levels whereas Banknifty is likely to move towards 33500/35800 levels. Next week is a truncated week hence we suggest a Bull call or a Bull Call Ratio spread.”