Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty bounced up on April 24 after flat close on the previous three sessions. At close, Nifty was up 0.68% or 119.4 points at 17743.4. Broad market indices rose less than the Nifty even as the advance decline ratio remained positive at 1.22:1.
Global shares mostly eased on Monday ahead of a week packed with economic data and central bank meetings, along with corporate earnings. Chinese stocks posted their biggest two-day loss this year as geopolitical tensions and signs of an uneven recovery spurred traders to pare exposure ahead of the Golden Week holiday.
Nifty rose smartly post noon on April 24 after breaking out from a minor consolidation. Nifty could now remain in the 17828-17663 band for the near term. A break above 17863 could nullify the bearishness of the engulfing pattern formed on the weekly charts last week.