The stock markets closed in green on April 28. The benchmark Sensex soared 700 points and the Nifty was above 17,200. midcap & smallcap indices also ended in the green. Bank Nifty settled over 1 per cent up at 36,444.
At the close, Sensex surged 701.67 points or 1.23 percent at 57,521.06. The broad-based Nifty added 206.60 points or 1.21 percent at 17,245. About 1,594 shares have advanced, 1,729 shares declined, and 104 shares are unchanged.
Among top index gainers were HUL, Asian Paints, NTPC, Power Grid, L&T, among others. Tip laggards were Bharti Airtel, M&M, HCL Tech, and HDFC Bank.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, a smart pullback rally on the last day of April F&O expiry series helped the markets rebound amidst wild intra-day gyrations during the week. Volatility is beginning to be the new normal for investors as haze over rising inflation, possible interest rate hikes and fluctuating oil prices have kept equity as an asset class in tight leash.
If the trend continues, investors may have to brace for more volatility in the new F&O series as well. The Nifty took support near 17,070 and bounced back sharply thereafter.
The index has re-claimed the level of the 200 day SMA and has also formed a long bullish candle on daily charts, which is indicating the continuation of an uptrend formation in the near future. For the trend following traders, now the 200-day SMA or 17, 200 would act as a trend decider level.
Above the same, the Nifty could rally till 17,400-17,450. On the flip side, below 17,200, uptrend could be vulnerable and a strong possibility of quick intraday correction till 17,100-17,050 is not ruled out.
