Market Wrap-up by Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking):
"On the back of the positive global cues, the Nifty index opened on a positive note in today's session. The index started retracing back in the first half an hour, but it resumed the momentum from its pivot point and crept higher to end the session with gains of over three and a half percent.
The index managed to show some pullback move today owing to buying seen in the defensive sectors such as FMCG, Pharma and IT. Stocks from these sectors witnessed good volumes along with price up move. The Banking space also witnessed some pullback but it continued to be a relative under performer compared to some of the other indices mentioned above. One positive development that was seen was the decline in the India VIX. The volatility index in the recent past have kept the market participants on the toes and thus, the month of the March certainly made everyone depressive as the Nifty ended with a cut of over 23% in this month. With the fall in VIX, we hope that the worst is behind us and the coming month will bring back smiles on the investors face. Having said that, it is too early to predict that as yet there is not much relief with regards to Corona Virus cases across the globe. Hence, we continue with our advice for traders to trade with proper risk management and keep booking timely profits due to higher volatility.
As far as levels are concerned, 8240 is seen as the immediate support for the index followed by the 8000 mark whereas the near term resistance is seen around 8740-8800. Stocks from the above mentioned sector viz. FMCG, Pharma and IT should be on focus as these names are witnessing buying interest and hence could continue with the outperformance."