Sensex rises 235 pts, Nifty tops 17,800 in fag-end; Divis Labs zooms 10%
CLOSING BELL: Among sectors, the Nifty Pharma index leaped over 2 per cent today as India saw over 7,000 fresh cases of Covid-19
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TECHNICAL OUTLOOK: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty continued with positive momentum and closed with gains for the eighth consecutive trading session. On the daily chart we can observe that the Nifty have been stretching higher along the daily upper Bollinger band, which is now expanding, and this should be considered as a positive sign. The upmove in the front-line index has also been accompanied by participation in the broader market, which is also a sign of change in sentiment. The Nifty is currently trading above the 20-week moving average (17,789) and tomorrow if it manages to close above this level then it will further add to the bullishness. The best strategy to trade such an upmove is to hold on to the long positions with a trailing stoploss mechanism. For current long positions one can keep it at 17,700, which is around today’s low. As the short-term target of 17,800 has been achieved we have raised it to 18,000.
MARKET COMMENT: Vinod Nair, Head of Research at Geojit Financial Services.
The domestic market exhibited cautiousness in anticipation of the release of various economic data and the upcoming Q4 earnings season. The IT sector drove the optimism in the market as investors await the earnings releases of sector majors. Despite expectations of a cooling down of CPI inflation to below the RBI's upper tolerance level, the persistence of sticky core inflation remains a concern.
Over 2,000 stocks advanced on BSE, while 1,436 declined
Nifty Pharma index best sectoral performer
Broader indices outperform benchmark; India VIX climbs 2%
Power Grid, NTPC, Nestle India top Nifty50 laggards
Divi's Lab, Bajaj Auto, Adani Enterprises top Nifty50 leaders
SENSEX HEATMAP | 17 out of 30 counters close in green
CLOSING BELL | Nifty50 closes above 17,800 levels, up 90 pts
CLOSING BELL | Sensex extends winning streak to eighth day, up 200 pts
RBI to extend rate pause through year-end, likely done hiking: Poll
Buzzing stock :: De Nora India soars over 9% as ace investor Mukul Agarwal picks stake
Energy stocks beaten: Power Grid, NTPC decline over 1%
Concor's Q4FY23 volumes rise over 4% YoY; stock up 1%
Nestle India, Power Grid, NTPC top Nifty50 losers at this hour
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First Published: Apr 12 2023 | 8:07 AM IST