The Nifty has been consolidating in a narrow range at higher levels for the last few sessions, while the broader markets have bounced back strongly, especially after a sharp recent correction, the head of retail research at an acclaimed financial services company said today.

While the Nifty closed 80 points, or 0.36%, up at 22,514.65 today, the Sensex ended 350.81 points, or 0.47%, higher at 74,227.63, their best close ever.

Sector-wise, it was a mixed bag with buying seen in private banks and IT stocks, Khemka said.

The Q4 business updates from a few prominent companies were largely encouraging, driving stock-specific action in the market, he added.

“We expect some volatility on Apr 5, especially in the rate-sensitive sector amid the RBI’s policy meeting. Overall, we maintain our positive bias on the market, and any dip can be viewed as a buying opportunity,” Khemka said.

A senior technical analyst at a trading firm said the Nifty remained highly volatile as the index fluctuated within the range of 22,300 and 22,600 throughout today.

“Immediate support is positioned at 22,300; a decisive drop below this level could lead the index towards 22,000-21,900 in the short term. On the upside, resistance is observed at 22,600-22,650,” he said.

(Source: IANS)

- Edited for style

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