Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty fell marginally on March 28 ahead of the fiscal year end. At close, Nifty was down 0.20% or 34 points at 16951.7. Broad market indices fell more than the Nifty as advance decline ratio remained negative at 0.38:1.
Global stocks mostly rose as concern over broader contagion from the banking turmoil eased.
Nifty closed at almost a five and half month low and in the process underperforming the other markets over the last few sessions. 16747-17045 could be the trading range for the Nifty in the near term. Tax loss related sales could have come to an end and we may soon see Indian markets performing in line with other markets.