Mr. Deepak Jasani, Head of Retail Research, HDFC Securities.
Nifty rose on March 29 aided by positive global cues on a F&O expiry day. At close, Nifty was up 0.76% or 129 points at 17080.7. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 2.43:1.
On an F&O expiry day, NSE cash market volumes were the highest in 6 months while NSE F&O volumes were the lowest in 3 months.
Global equities were mostly up on Wednesday as easing concerns over the banking sector revived risk appetite, while Alibaba's plans to split into six units lifted Chinese tech stocks.
Nifty, as expected, seems to have made a short term bottom. It has closed at the highest in 5 days. 17207-17255 could be the next resistance for Nifty while 16985 could be a support.