Mumbai: The markets ended the holiday-shortened bullish week on a buoyant note, partly aided by short-covering in select index heavyweights owing to the April month derivatives expiry. Throughout the week, the bias for the markets was positive, as participants build long position on hopes of a fiscal package coupled with easing of lockdown restrictions.
The BSE benchmark index scaled to a high of 33,887 and settled with a solid 7.6 per cent gain for the week at 33,718. In the process, the BSE index also crossed its quarterly minor Fibonacci resistance at 32,900, thus opening the doors for further upside quarterly targets of 35,400-37,200.
Back to the weekly performance, thanks to a 13 per cent surge on Thursday, ONGC was the top weekly gainer up almost 19 per cent at Rs. 80. Hero MotoCorp, HDFC, IndusInd Bank, HCL Technologies and Tata Steel were the other major gainers, up over 10 per cent each.
On the other hand, the defensive sectors which were out-performing in a weak market, came under notable profit-taking this week. Hindustan Unilever slipped over 5 per cent. Asian Paints shed 3.3 per cent, while Sun Pharma dropped 2.6 per cent.
Going ahead next week much would depend on how the overseas market perform over the weekend, Q4 earnings impact and any major announcement from the government. A significant gap-up or gap-down cannot be ruled out on Monday. As of today, the SGX Nifty indicates a gap-down opening, with around 4 per cent cut. However, things may change by Monday morning.
As per the weekly Fibonacci charts, the BSE Sensex may seek support around 32,740-32,440-32,135, and on the upside the index may face resistance around 34,695-35,000-35,300. As per the monthly Fibonacci chart, the BSE index may gyrate in a broad range of 29,770-37660 in the month of May.
The NSE Nifty after conquering it’s resistance at 9,390, staged a solid rally to the next logical hurdle, which as explained last week, is the 50 per cent retracement level placed at 9,970. The Nifty touched a high of 9,889, before signing of the week with a gain of 7.7 per cent at 9,860.
The NSE index is within striking distance of 9,970, above which the next major resistance would be around 10,550-level, which is the 61.8 per cent retracement of the recent big fall. The short-term trend is likely to remain positive as long as the Nifty sustains above the 20-DMA (Daily Moving Average) which is around the 9,000-mark.
Select key weekly momentum oscillators on the weekly charts are showing some signs of consolidation ahead. The Slow Stochastic, Directional Index and the RSI (Relative Strength Index) are in favour the bulls. The MACD (Moving Average Convergence Divergence), albeit negative, seems to be recovering from oversold zone.
Disclaimer: The article is for information purpose only and does advocate any buy or sell recommendation.
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