Below are Technical Quote On Today`s Market Performance by Mr. Deepak Jasani, Technical Research Analyst, HDFC Securities
Indian equity benchmark indices staged a bounce on March 01, starting the new week and new month on a positive note. Nifty opened higher and rose in the early part of the day. A sell-off was witnessed between 1040 Hrs and 1230 Hrs post which the Nifty once again resumed its uptrend. Finally the Nifty ended almost at its intra day high. At close the NSE Nifty 50 gained 1.6% or 232 points to end at 14,761.
Volumes on the NSE were below recent averages. Among sectors, Media, Auto, Metals, Banks, Pharma gained the most while PSU Bank index ended in the negative.
Asian stocks rose broadly on Monday reflecting investor optimism about the vaccine rollout and the stimulus-driven global economic recovery. Passage of the US Stimulus bill in the House of Representatives and bargain hunting after the selloff seen last week also resulted in indices recovering. European stocks jumped on the open on Monday as a level of calm returned to bond markets after last week's sell-off.
Nifty has made an inside bar after the sell-off seen on Friday. While this is a mildly positive signal, it needs to soon fill the downgap between 14919-15065 to nullify the recent weakness.
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