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Sensex Nifty Closed Lower | Expert Views For Tomorrow (7th April 2017)

Benchmark indices NSE Nifty closed at 9262 levels, down by 3 points and BSE Sensex closed at 29,927 levels, down 47 points or 0.16%. Midcap indices outperformed with 0.15% gains while Smallcap underperformed with 0.23% loss. Market breadth. Market breadth remained negative with 764 advances, 888 declines and 282 unchanged stocks on NSE, reflecting negative bias. Tata Steel, ZEEL unexpectedly topped the gainers list followed by Bajaj Auto. Hindalco, ITC and SBIN were the top losers. On the sector specific front, Realty remained positive for the second day in a row with 0.9% gains. Energy gained 1.2%. FMCG and PSU Bank lost more than 1%.

Movers and Shakers of the day:

Jindal Steel closed at Rs 132.7 per share up by Rs 8.4 or 6.7%.
Adani Power closed at Rs 44.25 per share up by Rs 2.2 or 5.2%.

Expert Views For Tomorrow (7th April 2017)

The Nifty registered a ‘hanging man’ kind of formation on the daily charts before signing off the day, almost flat, when compared to the previous trading session. Lack of selling pressure post monetary policy accompanied by intraday recovery from day’s low can be considered as a positive sign for bulls in immediate trading session.

However, investors should wait for confirmation. The uptrend still remains intact as long as Nifty holds above 9,150 levels on closing basis, suggest experts. Investors can carry forward their long positions with a stop loss below 9,156.