Rally in banks helped the Nifty50 end March series at record closing high on Thursday. Clearance to all four GST bills in the Lok Sabha boosted the market sentiment, raising hopes for timely implementation of GST with effect from July 1. Overall it was a volatile session as traders rolled over their futures & options positions from March series to April series. The NSE Nifty gained 29.95 points at 9,173.75 while the BSE Sensex was up 115.99 points at 29,647.42, backed by HDFC Bank and Reliance Industries. Experts maintained bullish stance on market, especially due to consistent progress towards likely implementation of GST from July 1 and after landslide victory of BJP in Uttar Pradesh.
Nifty Bank ended at record closing high of 21,620.70, up 1.07 percent as Punjab National Bank, IndusInd Bank and SBI gained 1-3 percent. Investors awaited announcement on NPA resolution from the government.
Nifty Expert Prediction For Tomorrow (31st March Friday)
The Nifty index closed with modest gains and made a small bull candle on the daily candlestick charts on Thursday. The index rose over 200 points or 2.6 per cent in March series.
A short bull candle is formed when the index trades higher throughout the sessions but in a defined range. The length of the candle signifies the range for the day. In general, the longer the candle, the more intense is the buying or selling activity.
If the candles are short, just as the one, we observed on the charts on Thursday, it can be concluded that the trading action was subdued, but on the positive side. The broader trend still remains on the upside.