Markets closed at fresh highs for the month

Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities on today's market performance.

Indian markets rose for the second day in row, climbing 103 points to 17325. The index advanced to the highest closing level since Feb 15. In the last half an hour, Nifty broke out from the entire day's range of 17235-17322.

Buying as concentrated on select stocks, as the market breadth, indicating the overall health of the market remained negative. On the BSE, shares 1,476 rose and 1,889 shares fell.

Hero MotoCorp was a major loser, it fell 9.42%, the most in two years. Last week, the Income Tax Department had conducted searches at Hero MotoCorp's offices and founder Pawan Munjal's residence.

Shares in Europe and Asia advanced on Tuesday. Investors remain hopeful on prospects of thaw in relations between Russia and Ukraine.

Indicators and oscillators have been improving day by day and it is expected that the Nifty would soon surpass the crucial resistance of 17500. Recent swing low of 17000 is expected to act as a support and the same can be kept as a stop loss in Nifty trading longs.

Source : Equity Bulls

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