Market Snapshot, 3 rd April 2019
It was an eventful day for the street. Nifty made a marginally higher life high early in the morning, but there was not much fan-following.Due to an extremely narrow market breadth,most portfolios are deep under water and investors are still licking their wounds from past October market fall. So, a new high in the index was not greeted with usual enthusiasm.
However, some dramatic events unfolded towards closing. As the day progressed, Nifty
kept on losing ground and breadth turned extremely bearish. Most of the early breakouts proved futile and stocks saw across the board sell-off. To some extent, the sell off was not entirely unexpected & in fact it was long due,for we have seen a huge rise of nearly 8% in the index alone in March without any significant pull back.
Nifty finally closed the day at 11643, down 69 points or 0.59% from Tuesday’s close. Energy,Banking and Auto stocks declined most today with BPCL & SBI being among greatest losers,while select few like Indiabulls Housing Fin,Bajaj Finserv or Tata Steel were able to some extent to hold onto their morning gains and ultimately closed in the green.
Going forward, we are expecting the pull back to continue for some more time. Intermediate trends are healthy and major support exists at 11430 regions.
