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.

Suresh Iyer, technical analyst, Asit C Mehta, stated that the rollover figures of Nifty and few selected stocks were not very encouraging.

Mr. Iyer also suggested short term traders not to be on aggressive buying side and to play carefully.

He added that Nifty has support at 4,916 - 4,919 and below this level investors may see more downside while resistance is seen at 5,094 and 5,150 levels. Any decisive upward break out of 5150 level will lead the Nifty to 5345-5390 level.

Stock market analyst, Vishwas Agarwal said 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.

He also said that the market may remain bullish in the coming 15-20 working days and would generate plentiful trading opportunities.
So, he suggested investors to accumulate fundamentally strong stocks during correction.

Mr. Agarwal added that two main events viz. RBI credit policy and Fed meet may settle on the course of the markets.

Stocks to be watched on Friday include Hindalco, SBI, Iea Cellular and Unitech.