Daily Market Commentary - April 7, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian bourses witnessed follow-on sell off in today's session amid Weekly expiry as Nifty closed below 17,650. Oil & gas, power and metal indices are down 1-2 percent each, while buying is seen in pharma and realty names. Both the benchmark indices closed at 17,639 & 59,034.

Today's session saw nifty continuing the trend with downward bias as no conviction was seen on the upside. Index has been trading above all its major moving averages and importantly it is sustaining well above its 200 Day EMA. After today's close, on the lower end, support is visible at 17,450 whereas resistance is seen at 17,750-17,800.Technically, on intraday charts the Nifty is still holding lower high series formation and has also formed a bearish candle which is largely negative.

The market will be keenly awaiting the RBI Policy meet tomorrow.

Adani Ports, Titan Company, HDFC, Power Grid Corp and ONGC were among the top Nifty losers. Axis Bank, Divis Labs, HUL, Dr Reddy's Laboratories and ICICI Bank were the top gainers.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty sensex