The 30-share BSE Benchmark Sensex, on Thursday (April 24), ended on a strong note after opening the day with a positive gap of 100 points tracing strong cues from other Asian counterparts.

The Sensex traded in a very narrow range on yesterday. It also touched an intraday low of 16,668.60. The overall market breadth was negative and volumes seen were not also very encouraging.

The BSE Sensex closed up 23.04 points at 16,721.08; whereas the broad-based NSE Nifty ended the day at 4,996.70, down 22.95 points.

BSE Midcap Index closed 0.88% lower and BSE Smallcap Index ended 0.67% up on Thursday.

India’s benchmark index, Sensex closed down 85.83 points at 16,698.04, whereas Nifty ended at 5022.80 down by 26.50 points on Wednesday (April 23).

The markets yesterday were range bound and choppy with the majority of index stocks ended on a flat note. The banking and metal stocks led the declines, whereas Textile and Sugar stocks gained.
The overall market breadth was mixed as it experienced 1,426 advancements as against 1,297 declinations.

Stock market analyst, Vishwas Agarwal is of the view that BSE above 16,786 level is good for trading with a downside target of 16,555- 16,350 and an upside of 17,150- 17,350.

Technical analyst, Ashwani Gujral advised investors to purchase Balrampur Chini stock on declines in order to achieve a target of Rs 128.

The investors can achieve the target within a period of 3-4 weeks, and the strict stop loss for the suggested stock should be Rs 94.

The stock has great potential. It can still exhibit superb surge. The long term traders are recommended to hold the stock.

Technical analyst, Ashwani Gujral is of the view that investors can buy Bajaj Hindustan stock Ltd to achieve a short-term target of Rs 285.

According to him, the stock can be purchased on declines with a stop loss of Rs 211. Sugar sector itself was displaying strength, and it is expected to move up in the coming days.

The investors can achieve the target within a period of 4-8 weeks. So they are advised not to sell the stock before achieving this price target.

Tracing strong global cues, India’s benchmark index, Sensex rallied further on Monday (April 21).

Worldwide markets gained on speculation that the credit market losses at the banks will be over and as better than expected results by Caterpillar boosted confidence in machinery producers.

Metal, banking and consumer durable stocks paced the rally in India.

The 30-share index Sensex marked its closure at 16,739.33 after gaining 258.13 points, whereas the broad-based NSE Nifty ended at 5,037, up 78.60 points.

Stock market analyst, Vishwas Agarwal stated, “If institutions feel the pressure due to hike in CRR by the Reserve Bank of India (RBI), then the market may see the BSE Sensex falling to 15,950 or even lower levels of 15,750. But a pipeline of major corporate results may not allow panic selling in the market.”

Welcoming the RBI move, Mr. Agarwal stated that the CRR hike was a crucial step to control increasing inflation.

He expects strong recovery in the equities in the near term once the inflation levels get stabilized.

He also stated that the banking, auto and real estate stocks will have an impact because of CRR hike.