After a day of consolidation, on April 1, the market once again gained momentum. On 1 April, the new series and the new financial year started with a boom and the Sensex Nifty closed with a gain of more than 1 percent. Softening crude oil prices, fall in volatility, cabinet approval for mega power policy and buying by foreign investors fueled the market sentiment.
Bank, financial and FMCG stocks were the biggest contributors to the rally of the previous trading day. The Sensex closed at 59,277 with a gain of 708 points. At the same time, Nifty closed at the level of 17,670 with a gain of 206 points. Nifty formed a bullish candle on the daily and weekly charts. During the last week, the Nifty had seen a gain of 3 per cent.
In the last trading day, along with the giants, there was buying in small-medium stocks as well. Nifty’s midcap index closed with a gain of 1.5 per cent and smallcap index by 1.7 per cent.
Mazhar Muhammad of Chartviewindia It is said that once again Nifty seems to be in bullish mood. It has formed a nice bullish candle on the weekly chart after a week pause. Apart from this, it looks like a break out above the small consolidation zone on the daily chart. Mazhar Muhammad further said that at this point of time all the indicators seem to be turning in favor of the bulls. It seems that if Nifty stays above 17,442 then in the next one or two trading sessions we can see Nifty going towards 17,814 and by next week its chances of touching the level of 18000 are also very strong.
Mazhar Muhammad is of the opinion that positional traders can maintain their positions with a stop loss below 17400 for a target of 17900-18000.
Here we are giving you some such data, on the basis of which it will be easy for you to catch profitable deals. It should be noted here that the Open Interest (OI) and Volume of Stocks figures in this story are the sum total of three months’ data, not just the current month.
Key support and resistance levels for Nifty
The first support for Nifty is located at 17,494 and after that the second support is located at 17318. If the index turns upwards, then it may face resistance at 17,775 then 17,880.
The first support for Nifty Bank is located at 36,524 and after that the second support is located at 35,899. If the index moves upwards, then it may face resistance at 37,491 then 37,834.
Global cues mixed for the market
Global cues are looking mixed on the first day of the week. Asia has a sluggish start. SGX NIFTY is down a quarter per cent. Light pressure is also being seen on DOW FUTURES. However, the US markets closed on the rise on Friday. On the other hand, the softening of crude oil continues. Brent is looking near $104.
HDFC Bank Q4: Loan Growth 21%
HDFC Bank has released a great update for Q4. During this period, the bank’s deposits have increased by about 17 percent. There has been a jump of 21 per cent in loan growth. The CASA ratio has reached an all-time high of 48.2%.
DMart’s Great Q4 Update
DMart also rolled out great updates in the fourth quarter. The company’s standalone revenue has grown by 18 per cent to Rs 8,606 crore during this period, adding 21 new stores in the quarter.
Sales of HERO MOTO, TVS MOTOR down
Hero Moto sales declined by about 22 percent in March. TVS Motor has also sold 2 wheelers about 5 percent less. Although Eicher’s Royal Enfield has grown by 2% in sales. The market is now waiting for the figures of Bajaj Auto.
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