After selling for 3 consecutive days on the last trading day i.e. Friday 8th April, once again buying was seen returning in the market. The RBI has raised the inflation forecast by not increasing its rates according to the expectations of the market. Along with this, the growth forecast has been reduced. Along with this, the signs of the global market were also positive, which benefited the market. The BSE Sensex closed at the level of 59447 with a gain of more than 400 points on the last trading day. At the same time, Nifty closed at 17,784 with a gain of 145 points and managed to stay above 17,600. Nifty forming a bullish candle on the daily chart giving a close above the opening level. On the weekly chart, a Doji-like pattern formation is visible as the closing is close to the opening level. Last week, the market was successful in closing with a gain of about 0.60 percent.
Mazhar Mohammad of Chartviewindia It says that the technical trends are giving mixed signals. On the one hand, the daily charts are indicating towards a short term bottom. On the other hand, an inconclusive doji is being seen on the scale raising questions about the upmove since the last 5 weeks from the level of 15,671.
Mazhar Mohammad says that if Nifty manages to stay above 17,600 then Nifty can once again see the level of 18000. He further said that if the Nifty is able to give a closing above the level of 18,115 after this, then it will see a fresh break out. Then in Nifty we will see strength going up and down.
For the time being, position traders with high risk appetite would be advised to go long in Nifty with a stop loss below 17600.
The broader market also saw a rise in both the last trading day and week. The Nifty Midcap index closed with a gain of 1 per cent on Friday and 3 per cent last week. At the same time, Nifty’s small cap index closed with a gain of 0.4 percent on the last trading day and 2.7 percent last week.
Here we are giving you some statistics on the basis of which it will be easy for you to catch profitable deals. Please note 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 17642 and after that the second support is located at 17500. If the index moves upwards then it may face resistance at 17884 then 17985.
The first support for Nifty Bank is located at 37477 and after that the second support is located at 37201. If the index moves upwards then it may face resistance at 37956 then 38159.
Mixed signals from global market
There are mixed signals from the global market. Asia has seen a sluggish start. But there is a slight improvement in SGX NIFTY from lower levels. DOW FUTURES IS FLAT Ahead of inflation data and results season. US markets closed mixed on Friday. Dow closed with a gain of 137 points. At the same time, there was a decline of 12 points in the S&P 500 and 186 points in the Nasdaq. US futures look flat ahead of inflation and results season.
Crude oil prices remain sluggish
On the other hand, the price of crude oil remains sluggish. Brent price is near $101. The market’s focus remains on financial and bank stocks ahead of the results. Experts say that the benefit of increasing interest rates is possible for financial institutions.
Some important results this week in the US
US I am going to have some important results this week. These include names like JPMorgan, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley. Apart from this, the eyes of the global market will be on many important figures. March CPI figures will come on Tuesday, while PPI figures are going to come on Wednesday.
10-year US bond yields at 3-year high
Meanwhile, the 10-year US bond yield has hit a 3-year high. The yield on the 10 Yr US bond is looking closer to 2.7%. There is a mixed signal from the Asian markets as well.
TCS results will come today
Today there will be a special focus on IT stocks. TCS will present its fourth quarter results today. Dollar revenue is expected to grow by 2.5 percent. There is a possibility of a jump of about 3 percent in the company’s profit.
Tata Motors: JLR retail sales down 36%
Tata Motors’ JLR retail sales declined by 36 per cent year-on-year in the fourth quarter. Management expects strong demand going forward and says global order book is good.
Patanjali’s food business can be found in Ruchi Soya
Patanjali’s food business may merge with Ruchi Soya. The board has given in-principle approval for this. On the other hand, with the listing of the FPO, Baba Ramdev has repaid the entire loan of 2 thousand 925 crores of the banks.
PM Modi- Biden’s virtual meeting today
Today there is a virtual meeting of PM Modi-Biden. There will be talks between the two leaders on increasing bilateral cooperation.