Indian stock markets closed higher for the second consecutive session on March 29 on positive global trends following reports of peace talks between Russia and Ukraine and a fall in crude oil prices. The Sensex closed up about 350.16 points or 0.61 per cent at 57,943.65 and the Nifty was up 103.30 points or 0.60 per cent at 17,325.30.
Vinod Nair of Geojit Financial Services said the fall in crude oil prices following prospects of peace talks and lower demand due to increase in Covid restrictions in the Chinese market.
Eicher Motors, Divi’s Labs, JSW Steel, HDFC and Adani Ports saw gains in Nifty today. On the other hand, Hero MotoCorp, ONGC, Coal India, IOC and ITC saw the biggest decline.
Stocks and sectors
All indices closed in the green on BSE except oil and gas and auto. Healthcare and realty rose 1-1 per cent and the capital goods index rose 0.65 per cent.
The BSE midcap and smallcap indices rose 0.6 per cent each.
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Ipca Laboratories, JK Cement and Max Financial saw a long build-up, while Hero MotoCorp, ONGC and Coal India saw a short build-up.
Over 100 stocks touched 52-week highs on BSE. These include Adani Power, Nava Bharat Ventures, Jindal Steel & Power and Hindalco Industries.
On the other hand, Indiabulls Housing, SAIL and L&T Finance Holdings saw a growth of over 500 per cent in volumes.
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Nifty closed below the resistance of 17,330. Following the hammer candle pattern on the daily chart, there was a recovery in the benchmark index.
A 17,330 polarity point can be seen in Nifty.
Beyond this, a decisive move above 17,330 could see a strong rally. In this, important support is visible on the downside at 17,200.
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Nifty appeared to be trading in the range of 17,000-17,400 on the eighth day. The index opened in the green but fell to the day’s low of 17,235.70 and later climbed 103.30 points to close at 17,325.30. Bank Nifty closed at 35,847.40 in today’s session.
Technically Nifty is trading near the resistance level and above the 50-day simple moving average. This indicates more strength.
The index formed a hammer candlestick on the daily chart, which confirms strength in the counter.
Nifty may find support near 17,000, while an immediate resistance at 17,400 can be seen on the upside.
Bank Nifty sees support at 35,300 and resistance at 36,500.
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