Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty snapped a five day fall in a volatile session on March 16. In the process it rebounded from the brink of a technical correction (10% fall from the recent high which is also the all time high). At close, Nifty was up 0.08% or 13.5 points at 16985.6. Volumes on the NSE improved a bit. Broad market indices ended in the negative even as the advance decline ratio fell to 0.69:1.
Asian stock markets dropped Thursday after Wall Street sank as a plunge in Credit Suisse shares reignited worries about a possible bank crisis following the failure of two U.S. lenders. European stocks managed a partial rebound on Thursday as bank shares rallied after Credit Suisse Group AG said it would borrow money from Switzerland's central bank and seek to repurchase debt.
Nifty formed a long legged doji after a fall, hinting at a short term reversal to upside. It could rise towards 17224 over the next few days.