3rd straight positive day for markets; here's what experts say investors must do on Friday
Nifty PSU Bank and Nifty Bank indices lost 0.8% and 0.6%, respectively, while the Nifty Private Bank and Financial Services indices slipped 0.6% and 0.3%
Dalal Street saw a big plunge
Last-hour sell-off in banking and financial shares stemmed gains on the benchmark indices Nifty and Sensex however, the indices managed to end the day on a positive note for the third straight session.
After surpassing the psychological levels of 50,000 and 14,900 on the Sensex and the Nifty, the indices ended about 0.2% higher.
The S&P BSE Sensex and Nifty closed at 49,746 and 14,874 levels, up 84 points and 55 points, respectively.
Among the losing sectors, the Nifty PSU Bank and Nifty Bank indices lost 0.8% and 0.6%, respectively, today while the Nifty Private Bank and Financial Services indices slipped 0.6% and 0.3%, respectively.
On the upside, the Nifty Metal index too jumped 4% amid firm global cues and steady rise in the metal prices. Investors also bought IT stocks ahead of a likely strong March quarter earnings’ show. The Nifty IT index hit a record high of 27,413 in the intra-day trade, before ending at 27,134 level, up 1%.
JSW Steel, Tata Steel, Shree Cements, Titan Company and Hindalco were among the top gainers on the Nifty. Losers included IndusInd Bank, SBI Life Insurance, Sun Pharma, HDFC Bank and ONGC.
In broader markets, the S&P BSE SmallCap index hit a record peak of 21,557 levels before closing at 21,449, up 0.73%. The BSE MidCap index, on the other hand, ended at 20,778 levels, up 0.6%
Here’s how experts see markets trading tomorrow
Manish Shah, Founder, Niftytriggers.com
On Thursday, Nifty failed to show a convincing breakout from the resistance zone at 14,900 and what we see is a Doji at the highs. The point is are we seeing a failure of the index to show convincing breakout does raise a red flag. After a very strong performance yesterday by advance-decline line, there was a bullish air to the underlying sentiment. It was the close of Thursday expiry and maybe the selling was due to this.
The pattern for the day was a gravestone Doji and it was right at the resistance zone at 14900-14850. Nifty has closed above the 50-day moving average and also the 20-day moving average. If we draw a down trendline from February highs Nifty has hit the falling trendline and we see a Doji.
Nifty needs to show a strong green candle to negate the negative development created by the Doji at a falling trendline. If it does not Nifty could drop towards 14500 and the range between 14900 could continue.
Chandan Taparia, Motilal Oswal Financial Services
The Nifty has to decisively hold above the 14,880 zone to witness a range breakout and an up move towards 15,000 and 15,100 zones, while on the downside, support exists at 14,750 and 14,650 levels
Published: April 8, 2021, 18:52 IST