The Sensex jumped
485 points to reclaim its crucial psychological level of 26,000, while the
broader Nifty settled
above its key 8050-mark as the May series derivative expiry concluded.
Extending its gains for the third straight session on Thursday, The headline indices hit their 2016 highs on
favourable quarterly earnings. Positive cues from the global markets also
contributed to the gains.
Sensex ended with a gain of 486 points at 26,367. The Sensex opened at 26,008
touched an intra-day high of 26,399 and low of 25,941.The Nifty closed with a
gain of 135 points at 8,070. The Nifty opened at 7,974 hitting a high of 8,083
and low of 7,949.
Indian Stock Market would open positive. Today is F&O
Expiry day and market would see huge volatility. Technically, Indian Stock
Market has entered into positive zone and now traders should go long at every
dip in the market. Nifty would see some strong resistance near 8100-8150
levels, breaching which Nifty would confirm Inverse Head and Shoulder Pattern
that is bullish in nature. If Nifty breaches levels of 8150 then next targets
for Nifty would be 8250-8350 levels. BankNifty would also see strong resistance
near 17577 levels, breaching which a sharp breakout would be seen in BankNifty.
FIIs were net buyers of Rs.495.08 crores whereas DIIs were net buyers of
Rs.337.22 crores in cash market for last trading session. Nifty would see
strong support at 7850-7865-7900 whereas strong resistance would be seen at
8025-8080-8145-8200 levels.
Global markets
European shares were mixed on Thursday, with banks in Italy
and Spain on the back foot following a recent rally, while commodity stocks
were boosted as Brent crude oil prices hit $50 a barrel for the first time
since November.
The STOXX Europe 600 was down 0.1 per cent at 348.06, with
the FTSEurofirst 300 flat. Both indexes hit a 4-week high in the previous
session.
Monsoon forecast
Improving earnings have raised optimism at a time when
investors are betting monsoon rains will be stronger than average, boosting the
outlook for rural demand. “Monsoon is one major
positive sentiment driver and global markets are also looking calm
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