Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty rose for the fifth consecutive session on April 28 driven by positive global cues. At close, Nifty was up 0.84% or 149.9 points at 18065. Volumes on the NSE were on the higher side as broad market participation rose. Midcap and Smallcap indices rose more than the Nifty as the advance decline ratio was up at 2.08:1.
Asian stocks rose on Friday as strong corporate earnings lifted sentiments and the Bank of Japan kept rates ultra-low even as it announced a broad review of monetary policy and modified its forward guidance by removing a pledge to keep interest rates at current or lower levels. European stocks edged lower on Friday after Eurozone GDP data for the first quarter missed expectations while inflation data stirred concerns that eurozone interest rates would have to increase further to stave off price rises.
Nifty rose smartly by crossing 18000 level aided by the last half hour sharp buying on Friday. It rose 2.50% over the week, posting the largest percent rise in 9 months. It has now offset the bearish implications of Engulfing pattern formed on weekly charts in the previous week. 18134-18201 band could now offer resistance while 17842 could offer support.