EQUITY MARKET ANALYSIS: 50-share Nifty index ended at 8492 up

Date: 31/03/2015

1. The S&P BSE Sensex surged over 500 points in the fag end of the trading session on Monday, to snap its eight-session losing streak, led by strong buying seen in frontline stocks such as HDFC, ITC, HDFC Bank, L&T and Axis Bank.
2. Most technical analysts are not reading too much into today's up move and sees it as more of a technical pull back rally, and till the time 8500-8520 levels on Nifty is not crossed comfortably, there is always a possibility of markets falling towards support levels.
3. Tracking the momentum, the 50-share Nifty index also managed to rally over 150 points, but closed shy below its crucial psychological level of 8500, supported by gains in auto, banks, capital goods, FMCG and realty stocks.
4. The 30-share index surged as much as 559 points to reclaim its crucial psychological level of 28000 in trade today. The index finally closed at 27975.86, up 517.22 points or 1.88 percent.
5. The 50-share Nifty index ended at 8492 up 150.90 point or 1.81 percent. It touched a high of 8504.55 and a low of 8380.75 in trade today.