On March 31, 2021, the market closed with a fall in points in both Nifty and Sensex. There was a down of 627 points on BSE and slippage of 154 points. The reduced points took the indices down to 49,509 and 14,690 on BSE and NSE respectively.
There was buying in the sectors of FMCG, Consumer durables, and metal. On the other hand, the profit-gaining stocks were finance, banking, energy, power, and telecom stocks.
The variations in the prices of stocks were mainly due to the global activities affecting the Indian stock market. Further, the reasons include the rise in the US bond yield and the rise in the covid-19 spread.
The private banks’ securities underperformed. However, midcap and smallcap stocks performed well.
The experts suggested there was an increase in volatility in the Indian market. The reason includes a rise in the dollar index and US bond yields. Also, there may be price variation in explicit high or low price. Furthermore, the market may experience buying at a low price and selling at a resistance level.
Additionally, the trader may trade based on the price movements in a day. The buying pattern was visible in FMCG, IT, and insurance.
Furthermore, the Nifty experienced formation of a bearish belt holds a candle. This means the opening price equals the high in the intraday.
Moreover, the experts added that Nifty attained a support level of 14,600. Above this mark indicates positivity for a short-term period.
Besides, the investors should target valuable stocks and make a better selection of stocks. Also, avoid buying multiple securities in the current period.
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