Daily Markets - April 29, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian Benchmark equity indices ended with marginal gains on April 29 after giving up most of the opening gains. The Nifty opened higher but fell in the early part of the day to make an intra day low at 1050 Hrs. A feeble recovery followed amid volatility on April F&O expiry day. At close, the Nifty was up 30.40 points or 0.20% at 14,894.90.

Volumes on the NSE were in line with recent averages. Among sectors, Metals was the main gainer while PSU Bank and Auto indices fell the most. Indian steelmakers rose after China tweaked its import and export levies on steel, signalling that the world's largest consumer of the alloy is willing to import more to meet its growing requirement.

Asian shares extended gains on Thursday after the Federal Reserve said it was too early to consider rolling back emergency support for the economy, and U.S. President Joe Biden proposed a $1.8 trillion stimulus package. European stocks edged back towards record-highs on Thursday after a slew of upbeat earnings reports and the U.S. Federal Reserve's pledge to stick to loose monetary policy.

Nifty failed to hold above 15000 level. Negative advance decline ratio suggests some caution among market participants. 15050 could be a resistance on the up for the Nifty while 14695 could act as a support. Going by the slow fall seen so far, it seems that Nifty has not yet made a top in this upmove.

Source : Equity Bulls

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