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Market closed higher on the first trading day of the new financial year
supported by healthcare and auto stocks. Investors also await the Reserve Bank
of India’s (RBI) policy decision on 5 April. The Sensex gained over 280 points,
while the Nifty has managed to end above 10200. The icicibank was the top most
losers of today. Shares of ICICI Bank fell 7 per cent today, wiping out Rs
11,353 crore from its market valuation in morning trade amid reports the
Central Bureau of Investigation (CBI) was set to question ICICI Bank CEO Chanda
Kochhar and her husband Deepak Kochhar in connection with the Videocon loan
case in Delhi.
In the process, it ended up forming a solid bullish candle on the daily
chart. If the index holds above the 10,270 mark in the short term, a rally
towards with initial targets of 10,325 and 10375 could be in the offing. For
the coming sessions, immediate resistance would be seen at 10350-10400 and a
sustainable move beyond this would extend this rally. On the flipside, 10150-10100
are likely to act as strong support levels.
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