Today i.e. on March 30, there was a bullish atmosphere in the Indian market for the third consecutive day and it reached its last 6-month high. Growth in auto, IT, banks, capital goods and realty stocks supported the market, coupled with progress in peace talks between Russia and Ukraine. At the end of trading, the Sensex closed at 58,683.99 with a gain of 740.34 points, or 1.28 per cent. On the other hand, Nifty closed at 17,498.25 with a gain of 146.95 points or 1 per cent.
Vinod Nair of Geojit Financial Services It says that there was heavy volatility in the global market, but the peace talks between Russia and Ukraine have raised hopes that this war may appear to end further. Due to this expectation, confidence in the Indian markets also appeared to be strengthening today. He further said that the fall in the prices of crude oil and other commodities also supported the market.
Know how the market may move tomorrow
Shrikant Chauhan of Kotak Securities It says that the bulls have been seen coming into action once before the F&O expiry, due to which the Sensex has managed to close above the crucial level of 58,000. He further said that investors welcomed the progress made in the Russia-Ukraine peace talks, which gave some stability to the markets at the global level. Fall in crude oil prices will help in curbing rising inflation. Due to this, a rally was also seen in the market today.
He further added that the market is currently trading near its key resistance level and has formed a small hammer candlestick. As long as Nifty remains above 17400, it is likely to remain breakout till 17,600-17,645 levels. On the other hand, if Nifty slips below 17,400, it can show weakness up to 17,350-17,265.
The market will not continue to rotate at the level it is at, advises Ashish Somaiya, CEO, White Oak Capital
Sachin Gupta of Choice Broking Says that from a technical point of view, Nifty is in bullish mood for the last 3 consecutive trading sessions and has gone above its previous swing high. The index is trading above the 100EMA on the daily chart, which indicates a bullish trend in the coming days. Apart from this, technical indicators like RSI and MACD are also giving positive signals for the market. Support is visible for Nifty at 17,340 level. At the same time, the resistance is seen at 17,650. Whereas for Bank Nifty, support is seen at 35,700 and resistance at 36,900.
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