Markets to Determine Trend Following Sharp Thursday Movement

The week ending on March 31 was marked by volatility as the financial year 2023-24 came to a close. Markets saw gains on two of the three trading sessions with BSE SENSEX gaining 819.41 points and NIFTY gaining 230.15 points.

Thursday, March 28, was the last trading day of the financial year, leading to heightened volatility as March futures expired. NIFTY made an intraday high of 22,516 points but closed at 22,326.90 points, while BSE SENSEX reached 74,190 points intraday but closed at 73,651.35 points.

For the quarter January to March 2024, BSE SENSEX gained 1.95%, NIFTY gained 2.74%, BSE MIDCAP was up 6.74%, and BSE SMALLCAP was up 1.15%. Despite a quiet quarter, the annual gains for the financial year were significant.

Looking ahead to 2024-25, matching the benchmark returns of the previous year may be challenging. The week ahead includes an offer for sale from Bharti Hexacom Limited and the possibility of investors becoming part of Bharti Airtel through the offering.

With markets expected to be volatile in the upcoming week, investors are advised to be cautious. Key support levels for NIFTY are at 21,900 points and for BSE SENSEX at 72,300 points. Strategies should focus on selling on strong rallies and selecting large cap stocks for investment.


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