Market Wrap for 22nd Mar,’16: Nifty closes flat, Stocks rally.

by Elearnmarkets on Market Analysis, Market Wrap
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Nifty closed mildly positive with a gain of 0.12%, taking resistance at the level of 7730.

On the intraday chart it is evident that Nifty couldnt hold itself after opening and slipped to the day’s low, the index however managed to bounce back some 60 odd points and closed in green.

The Banknifty is also showing resistance against the trendline at the level of 16700.

The gainers are Cummins India which closed 5.2% higher, followed by Reliance Infra 4.5% + and TATA Power +4.40%. It was day when the heavy industries like infra power and metals ruled the market.

The losers of the day are some pharma stocks like Dr. Reddy’s Lab and Divis lab, closing 4% and @% lower respectively, ITC closed @% lower.

International market:

Gold is fairly positive with .6% higher trade, crude oil is mildly negative with .40% lower trade, the DJIA futures and NASDAQ futures are also under pressure.

The European market are trading down due to the Brussel’s Airport which has brought the entireEuropean union to a shutdown at the moment.

The Asian markets were sluggish tod7uay with a negative bian. Only the Japanese Nikkie was positive with a closing some 1.25% higher, the Shanghai composite closed much lower, at the level of .6% down and the Indian Indices remained flat.

CHART OF THE DAY

Heromotoco is currently trading the 52 weeks high, however there seems no stopping this stock as it has given a phenomenal breakout from a flag pattern which establishes a target of 3100.


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