Sensex, Nifty slip from intra-day highs, but end in green; here’s what experts make of today’s trade

By Kshitij Bhargava8 days ago

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Domestic equity benchmarks descended from intra-day highs to end the day on a flat note.

Bank stocks fell in the dying hours of trade with HDFC Bank, Axis Bank, SBI, and ICICI Bank all ending the day in the red. (Image: REUTERS)

Domestic equity benchmarks descended from intra-day highs to end the day on a flat note. S&P BSE Sensex gained 84 points during the day while Nifty added 56 points but failed to hold above 14,900 — a crucial resistance zone, according to technical analysts. Bank stocks fell in the dying hours of trade with HDFC Bank, Axis Bank, SBI, and ICICI Bank all ending the day in the red. Ultratech Cement and Titan were the top index gainers. Broader markets Nifty IT and Nifty Metal indices gained the most during the day.

Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices gained for the third straight day on April 08 the longest such streak in a month -, however, weekly F&O related volatility dragged the indices lower from their intraday highs. Nifty rose during the day but gave up big part of their gains towards the end. In the result it has formed a long legged doji post a minor rise. This suggests mild caution on the part of participants. On upmoves 14984-15050 band could provide resistance to the Nifty while 14716-14821 band could provide support.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

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