After a lacklustre closing in the last week, Indian markets started the week on a positive note with Sensex rallying over 100 points and Nifty reclaiming 11650.
It was a volatile day of trade on D-Street. Nifty took support near its crucial short term moving average of 5-day EMA placed at 11,645 before bouncing back towards 11,700.
The final tally – the S&P BSE Sensex closed 138 points higher at 38,905 while the Nifty added 46 points to close at 11,690.
Bulls pushed the index above 11,700 in intraday trade but witnessed selling pressure at higher levels. Investors await fresh triggers and till then the market is likely to remain in a range. But, there are plenty of opportunities among select stocks.
All eyes are on Wipro that will report results for the quarter ended March on April 16. Infosys shares closed 2 percent lower post Q4 results while TCS was up around 5 percent.
Wipro closed 1.6 percent higher at 288.15. It is trading close to its 52-week high of Rs 297. Technical charts remain strong and chances of the stock moving higher are more in the near term, suggest experts.
“Wipro is trading strong even though we witnessed some decline recently but the major trend is still strong. Data setup suggests positive price momentum in the counter. We have seen built up of long positions that suggests it has the potential to test new lifetime highs,” Chandan Taparia, AVP and Analyst-Derivatives at Motilal Oswal Financial Services told Moneycontrol.
“However, there is some call writing seen at higher levels around Rs 300 that suggests in the near term, the stock has the potential to move towards Rs 300-330 while supports are seen at Rs 278-279,” he said.
Stocks in news:
APL Apollo Tubes added 3 percent on the acquisition of tube manufacturing unit in Southern India.
Shares of Pennar Industries rose 3 percent as the company said it will increase hydraulic cylinders capacity to meet global demand.
SpiceJet rose 8 percent after the company launched new direct flights to international destinations.
Shares of Cosmo Films gained 10 percent after the company introduced a cast polypropylene (CPP) film for packaging applications requiring high moisture and oxygen barrier and high hot tack properties.
The newly listed Metropolis Healthcare ended with 9 percent gain at Rs 959.55 on the BSE against issue price of Rs 880.
Global Update:
European markets are trading higher amid developments in trade talks between US-China.
Asian markets ended mixed with Nikkei adding 1.37 percent at 22,169.11, while Shanghai Composite shed 0.34 percent to 3,177.79
Kospi was up 0.42 percent at 2,242.88 and Hang Seng fell 0.33 percent at 29,810.72.
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