What a day for Indian markets! Blockbuster day and a blockbuster March series for Nifty which suggests that record highs on Indian markets are just around the corner.
The Nifty not just reclaimed 11,550 on Thursday but also registered a fresh 6-month closing high while Sensex rallied by over 400 points on March 28.
The Bank Nifty rose 3,631 points in March series, biggest ever gain in a series, and Nifty rallied 7.2 percent or 777 points in the same period to register its biggest gains since January 2015.
Markets look upbeat ahead of the earnings season as well as elections which is a positive sign. Apart from the banking and financial, experts feel that IT and auto pack Could also lead the rally in April series.
Despite global headwinds, participants took note of the latest monsoon update wherein the IMD shared the possibility of strong monsoon provided no El Nino surprise.
Besides, hopes of rate cut in the upcoming RBI’s policy review meet further boosted the sentiment, say, experts.
It wasn’t a great day for the currency. The rupee slumped 42 paise to end at 69.30 against the US dollar on Thursday, its second straight session of decline, in line with other Asian currencies amid strengthening of the greenback.
On the institutional front, FPIs were net buyers in Indian markets for Rs 3594 crore while DIIs were net sellers to the tune of Rs 2080 crore, provisional data showed.
Big News:
The Nifty rallied 7.2 percent or 777 points in the same period to register its biggest gains since January 2015.
The Bank Nifty rose 3,631 points in March series, biggest ever gain in a series. Rollovers in Nifty Bank stood at 71 percent for April series compared to 75 percent see for March series, data showed.
Nifty Fut rollover for April series stood at nearly 67 percent which was higher than March series rollover of 60 percent, and 3-month average which comes around 65 percent.
Long Buildup: 9 stocks saw long buildup which includes names like Reliance Power, IRB Infra, HPCL, Muthoot Finance, IDBI, Allahabad Bank, Torrent Pharma, Strides Pharma, and DLF.
Short Buildup: 4 stocks saw short buildup which includes names like EIL, Godrej Industries, Ramco Cement, and Wockhardt Pharma.
Short covering: Over 100 stocks massive short coverings which include names like L&T, RBL Bank, ITC, IOC, Coal India, PVR, JustDial, Canara Bank, etc. among others.
Technical View:
Nifty formed a bullish candle on the daily charts
Once the index manages a firm close above 11,580 then it can easily head to test its life-time high around 11,760.
Experts advise short term traders to maintain long positions with a stop below 11,450 on a closing basis and look for new lifetime highs.
Three levels: 11452, 11588, 11600
Technical Recommendations:
We spoke to IIFL and here’s what they have to recommend:
Syndicate Bank: Buy| Target: Rs 47| Stop Loss: Rs 41.5| Upside 9%
InterGlobe Aviation: Buy| Target: Rs 1540| Stop Loss: Rs 1397| Upside 7%
Dish TV: Buy| Target: Rs 44| Stop Loss: Rs 36.5| Upside 12%
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