Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty broke out upwards on March 31 aided by positive global cues and year end buying. At close, Nifty was up 1.63% or 279.1 points at 17359.8. Volumes on the NSE were a little higher than recent average. Broad market indices rose less than the Nifty as advance decline ratio rose to 2.28:1. Indian markets outperformed all other Asian markets for the day.
Global stock markets edged higher Friday, with investors assimilating mixed Chinese activity ahead of the release of key inflation data on both sides of the Atlantic even as the fears of banking crisis waned.
Morgan Stanley has upgraded India to equal-weight (EW), with the narrowing valuation premiums and a resilient economy.
Nifty rose smartly on March 31 with an upgap (above the highs of the previous 4 sessions). 17451-17529 could be the resistance for Nifty in the near term while 17225 could be a support. Nifty rose 2.45% over the week - the largest weekly gains in 9 months. As we enter a new fiscal year, we may see some more gains before pre Q4 results nervousness kicks in.