Daily Market Commentary - April 12, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst

Indian bourses started off the day with a gap down opening on the back of weak global cues as nifty closed above 17,500. Except bank, all other sectoral indices ended in the red with IT, metal, realty, oil & gas and capital goods indices down 1-3 percent. BSE midcap and small-cap indices shed over a percent each. Both the benchmark indices closed at 17,530 & 58,576.

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 took support from its 21 Day EMA. After today's close, on the lower end, support is visible at 17,400 -17,450 whereas resistance is placed at 17,600-17,640.

17400 may continue to act as support below which the Nifty may witness a serious correction.

Hindalco Industries, Coal India, Grasim Industries, Tata Motors and Tata Steel were among the top Nifty losers. However, Axis Bank, Kotak Mahindra Bank, Power Grid Corporation, SBI Life Insurance and Maruti Suzuki were the top gainers.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex