MARKET WRAP 16TH mar, ’16: Nifty marks a range of 7500-7400, closes 38points higher.
Nifty slipped lower till the support level of 7400 during the day but gave a great come back rally in the second half, closing 38 points higher almost at the level of 7500, that is 7498. The bank stocks were mixed performers with ICICI bank leading in the lot.
Nifty took support at 7400 which is the 23.60% retracement Fibonnacci level of the previous rally which was witnessed in the index. Crompton Greaves was up 6.50%, TV 18 broadcast 3.50% higher, Ncc ltd with 3.10% higher.
The list of losers has names like Eicher motors with 4.37% loss, metal stocks like Jindal steel and Hindalco which were down some 3.38% and 2.86% lower.
The Bank nifty index was up by 0.88% today followed by Nifty IT index up .68%.
International picture seems grim inspite of the crude oil trading 1.90% higher, the Dow and NASDAQ futures are trading flattish. The European indices have also given mixed performance. The Asian indices have also closed mixed which the Nikkei 225 index giving the worst performance today.
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