Daily Market Analysis 04 April 2022 By Mr. Ajit Mishra, Religare Broking
Below is the Daily Market Analysis 04 April 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets started the week on a buoyant note and gained over 2%, in continuation of the prevailing recovery phase. The benchmark opened with a strong uptick, thanks to news of HDFC Bank and HDFC merger which further strengthened with buying in other index majors as the session progressed. Consequently, the Nifty index ended higher by 2.2% to close at 18,057 levels. Amongst the sectors, all the indices ended in green wherein banking, power, and metal were the top gainers. The broader indices also participated in the move and gained in the range of 1.3%-1.7% respectively.
The surprise news of the HDFC Bank-HDFC merger has boosted the sentiment amid mixed global cues and we may see the rub-off in the following session as well. The recent buoyancy in the banking pack is further adding to the confirmation. On the index front, a decisive close above 18,150 in Nifty would further fuel the rally towards 18,350. In case of any dip, the 17,800 zones would now act as support. Participants should align their positions accordingly and focus more on stock selection.
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