Equities in India pulled the shutter for the week with stellar gains, soothing investors' nerves ahead of May F&O expiry on Thursday. The Sensex closed at 18326.09, up 184.69 points or 1.02% and the Nifty ended at 5484.25, up 56.15 points or 1.03%.
So, has investor sentiment livened up, finally? The market rallied on the back of the forward looking guidance given by Larsen and Toubro on Thursday. In fact, the recent rally could be attributed as a technical bounce, short covering, or just bottom fishing.Going forward, the market is expected to remain range-bound. The longer it trades below its 200-DMA (day moving average), the likelihood of a negative trend is high. The Nifty and the Sensex have found support around 5,400 and 18,000 levels, respectively. However, the 50-scrip broadbased index will witness strong resistance around 5,700 levels.
The market these days lacks positive triggers. Domestically, they are looking up to positive global cues, followed by clear confusion as they are unable to find any. It is stuck in a narrow range of 5,300 on the downside and 5,550 on the upside. For the next few sessions, sentiments are expected to heat up ahead of May expiry.
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