Market Commentary

Daily Market Commentary - April 6, 2022 - Bonanza Portfolio

Posted On : 2022-04-06 16:47:27( TIMEZONE : IST )

Daily Market Commentary - April 6, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian bourses witnessed profit booking in today's session as Nifty closed just above 17,800. Oil & gas, power and metal indices gained 1 percent each, while bank and IT indices fell 1 percent each. BSE midcap and small-cap indices ended with marginal gains. Both the benchmark indices closed at 17,807 & 59,610.

Today's session saw swings on both sides with participants not getting a clear directional trade. Index has been trading above all its major moving averages and importantly it is sustaining well above its 200 Day EMA. After today's close, Nifty will look to continue for immediate targets of 18,000 & 18,150, respectively whereas on the downside 17,800 is acting as immediate support followed by 17,680 which is the gap that is not filled.

The markets will be keenly awaiting the FOMC March meeting minutes, which will be released tonight. In Indian markets, Metal stocks saw keen interest supported by cooling coking coal prices, Power stocks were in high demand ahead of the surge in summer demand. FII's continue to be net buyers for 7th consecutive trading session thereby uplifting investor sentiments.

HDFC Bank, HDFC, HDFC Life, HCL Technologies and Tech Mahindra were among the top Nifty losers. Coal India, IOC, NTPC, Tata Steel and Power Grid Corp were the top gainers.

Source : Equity Bulls


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