Daily Market Commentary - April 11, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst

Indian bourses witnessed wild swings on both sides in today's session as Nifty closed slightly above 17,650. Among sectors, power index rose 5 percent, oil & gas index was up over 2 percent and realty index added 1 percent, while IT and capital goods indices fell 1 percent each. BSE Midcap and small-cap indices were up 0.4 percent each. Both the benchmark indices closed at 17,675 & 58,964.

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.

However, Nifty on the daily chart has formed an inside day bar which suggests indecisiveness.

HCL Technologies, Infosys, Larsen and Toubro, Wipro and SBI Life Insurance were among the top Nifty gainers. However, Grasim Industries, Adani Ports, JSW Steel, UPL and Cipla were the top gainers.

Source : Equity Bulls

Keywords

DailyMarketCommentary Nifty Sensex BonanzaPortfolio