Sensex, Nifty closed on account of Ambedkar Jayanti

NEW DELHI: NEW DELHI: Indian stock market will remain shut on Monday, 14th April on account of public holiday. The BSE, NSE will remain closed for "Dr. Baba Saheb Ambedkar Jayanti".

Benchmark indices maintained their North journey last week; recording fresh all times highs during the week on back of FII inflows.

The Sensex shut shop 1.21 per cent higher while the Nifty rose 1.22 per cent for the week ended April 11, 2014.

The markets are likely to remain volatile in a truncated week. Macroeconomic data, trend in investment by foreign institutional investors (FIIs), movement of rupee against the dollar and crude oil price movement hold key.

Friday’s IIP data painted a grim picture of the country's economy which was widely expected to have bottomed out.
The Index of Industrial Production (IIP) contracted 1.9 per cent in February, the Central Statistical Office (CSO) said on Friday, plunging to a nine-month low and coming in well below expectations of about 0.5 per cent growth.

However, the January figure was revised to 0.76% from 0.1% estimated initially.

“It’s going to be a crucial session on Tuesday as participants would be seen reacting to IIP numbers and IT major Infosys results on opening note,” said Jayant Manglik, President-retail distribution, Religare Securities Limited.

“And, that would set the tone for the rest of the day. Considering the situation in hand, it’s advisable to keep cautious approach and avoid overleveraging,” he added.

On daily charts Nifty witnessed some supply pressure around 6800 levels in last two trading session. With RSI in over bought zone and stochastic almost in same analysts are not so very optimistic on markets and doesn’t rule out a scenario where there may be some bit of profit booing in this market.

“The 50-share Nifty index has immediate support placed at 6720. As long as it trades above 6720 there is still a possibility of further upside till 6840 to 6854 range,” GEPL Capital said in a report.

“Traders with long positions may hold on to the longs with a stop loss of 6720,” added the report.

Further down, the brokerage firm is of the view that the level of 6650 are a make or break support and a trend reversal level for the next week to ten days. The trend would weaken for the short-term only in case of a breach of 6650, said the report.