Markets extended
gains on Tuesday with the benchmark Nifty surpassing the
8,500 mark to end at its highest closing level since August 2015. Stock market rallied ahead of IIP and inflation data to be released
later in the day. After opening on a flat note indices remained under pressure
and slipped lower in the first half. a sudden bout of buying in the metals,
realty and banking stocks lifted the benchmarks to end at day's high. Even the
Nifty Mid-Cap index closed at an all-time high "The
gains have been in tandem with a rally in global stocks and expectations of
easy monetary policies by global central banks. Further, expectations of a
reasonable first quarter earnings has also boosted sentiment. Indian Stock Market would open gap positive. Technically, Indian Stock
Market is still in positive zone. Market would see further positive movement.
Traders should continue to hold long positions in Nifty and BankNifty.
BankNifty would outperform Nifty in days to come.
FIIs were net buyers of
Rs.1055.80 crores whereas DIIs were net sellers of Rs.610.57 crores in cash
market for last trading session. Nifty would see strong support at
8415-8350-8312 whereas strong resistance would be seen at 8505-8567-8605
levels.
TOP GAINERS: Tata Steel, ICICI Bank,
Hindalco, Axis Bank, Maruti Suzuki, Grasim, HDFC
TOP LOSERS: Tata Power, BPCL, Cipla, Coal India, Bank of Baroda,
Aurobindo Pharma
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