Daily Markets - April 28, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices ended higher for the third straight session on April 28. Nifty opened higher and kept rising in the early part of the day to make an intra day high at 1420 Hrs. At close, the Nifty was up 211.50 points or 1.44% at 14864.50. Nifty gained the most since March 30.

Volumes on the NSE were higher than the previous three sessions and in line with average for the last two weeks. Among sectors, except Metal, Realty and Pharma, all other sectoral indices ended in the green led by Banks.

World shares inched up close to record highs and the dollar and global bond yields nudged up on Wednesday, as traders waited to see if the U.S. Federal Reserve utters the dreaded 'word - tapering of its mass stimulus programme post its two day meeting today.The broad expectation is that it won't want to unsettle markets for now, and with a packed day of corporate earnings, economic data and U.S. President Joe Biden's first address before a joint Congress session, there was plenty to navigate.

An OPEC+ committee agreed late Tuesday to increase crude production as previously planned from May, amid growing confidence that there will be a strong demand rebound this year, even as coronavirus cases rise in countries such as India.

Nifty filled two downgaps on two consecutive days, showing the strength of the upmove. On April 28, it rose with an upgap. 14890-14984 is the next resistance band. The strong advance decline ratio (though softer than the previous day) denotes active interest of traders in the broader markets. On falls 14667-14698 could offer support.

Source : Equity Bulls

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