Sensex gains on last day of trading of FY24, Nifty has to hold above 22,200 for further upside

Sensex gains on last day of trading of FY24, Nifty has to hold above 22,200 for further upside

Indian equity benchmarks the Sensex and the Nifty gained for the second consecutive day on March 28, the last trading day of financial year 2023-24 and also the monthly F&O expiry. Analysts expect the bullish sentiment to prevail in the near term, if the Nifty holds above 22,200.

At 9.30 am, the Sensex was up 0.43 percent at 73,310.64 and the Nifty 0.42 percent at 22,216.3. About 2,029 shares advanced, 773 declined and 103 were unchanged.

Mandar Bhojane, Research Analyst at Choice Broking, said that if the Nifty's sustains above 22,200, it can move towards 22,400 and 22,500 levels in the coming days.

Vaishali Parekh, Vice-President of Technical Research at Prabhudas Lilladher also believed that the Nifty would need a decisive breach above 22,300 level to establish conviction for further upward move. "The support for the day is seen at 22,000 level, while the resistance would be seen at 22,300," she added.

Broader markets were also on an upswing within the first hour of trade as Nifty Midcap 100 and Nifty Smallcap 100 indices gained up to 0.5 percent. Fear gauge India VIX, meanwhile, gained 0.5 percent to trade around 12.7.

All sectors traded in a positive territory, with Nifty PSU Bank and Healthcare indices leading the surge, followed by Nifty Media and Nifty Financial Services indices.

In the last 7 days, domestic institutional investors have pumped around Rs 24,373 crore into Indian equity markets.

Source: Money Control