Sensex, Nifty slips intra-day highs, but ends in green; here’s what the experts think of today’s trading


Bank stocks fell in the closing hours of trading with HDFC Bank, Axis Bank, SBI and ICICI Bank, ending the day in the red. (Image: REUTERS)

Domestic stock benchmarks fell from intraday highs to end the day on a flat note. S&P BSE Sensex gained 84 points during the day while Nifty added 56 points but failed to stay above 14,900 – a crucial area of ​​resistance, according to technical analysts. Bank stocks fell in the closing hours of trading with HDFC Bank, Axis Bank, SBI and ICICI Bank, ending the day in the red. Ultratech Cement and Titan were the top winners in the index. Wider markets The Nifty IT and Nifty Metal indices rose the most during the day.

Deepak Jasani, Head of Retail Research, HDFC Securities

“The benchmark Indian stock indices rose for the third consecutive day on April 08 – the longest such streak in a month – however, weekly F&O volatility pushed the indices down from their intraday highs. Nifty rose during the day but gave up a large chunk of his winnings towards the end. As a result, he formed a long legged doji after a slight hike. This suggests a slight caution on the part of the participants. On ascending moves, the 14984-15050 band could provide resistance to the Nifty while the 14716-14821 band could provide support. “

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

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“The markets managed to break through 14,950 but failed to hold up there. We backed up from there in a few minutes and closed again below 14,900 levels. If we manage to break above the 14950 levels at the close, we could move up to 15300-15400. On the other hand, if we drift down and break 14,500, we could drop again to 14,200. ”

Vinod Nair, Research Manager at Geojit Financial Services

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“The domestic market continued its optimistic recovery supported by an accommodating monetary policy, although it experienced consolidation in the second half of the year due to sales in bank stocks. Metals led the sector rally with a strong outlook supported by rising steel prices and production. The fourth quarter earnings season has started and the market is expected to experience an equity-centric rally in the coming days, which looks very positive. “

S Ranganathan, Head of Research at LKP Securities

“Don’t let the more or less flat close of Thursday’s trade take away the credit from BULLS which simply took the top honors with a powerful rally between the names of the metal with admirable support from Cement stocks. The broader market has seen sustained buying interest in the names of sugar and fertilizer. “

Jay Thakkar – Vice President and Head of Equity Research at Marwadi Shares and Finance

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“Nifty closed well above 14,850 levels while Nifty Bank closed well above 32,500 levels. This indicates that the short term trend is positive. The upside target is between 15,000 and 15075 levels while Banknifty is expected to move towards the 33500/35800 levels. Next week is a truncated week, which is why we suggest a bullish call or a bull call ratio spread. “

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