Market to remain closed on account of Mahashivratri

The markets will remain closed on Thursday on account of a Mahashivratri.

On Wednesday, key benchmark indices rose for the fourth consecutive day after a volatile session which marked the expiry of the February Futures & Options (F&O) derivative contracts. Gains of 2% in index heavyweight ITC supported the gains. 

At close on Wednesday, the 30-share Sensex was up 135 points at 20,987, while the Nifty-50 had increased by 38.75 points at 6,238.80.

Sahaj Agrawal, Deputy VP - Derivatives Research, Kotak Securities, believes that “Markets witnessed significant volatility in the February series. Every correction got bought into led by an up-move in the index. Considering the rollover into the March series we expect upsides to be limited. Selling pressure can be expected around 6300-6350 levels. On the downside strong support is seen at 6100 levels below which 5950 can be tested. For the medium term we remain positive on the market and advice accumulation of select stocks."

Eye ahead

Outlook for Nifty in the near-term remains positive and the potential for upside at current levels look good, say analysts.

"Nifty has closed above the resistance level of 6190 and expected to touch 6400 level in March with the support of 6140 level.Major reason being  Investment reforms in India are expected to ease further pre election and inflows will be increased due to global recovery and liquidity.Gradual pick-up in GDP growth is likely to be supported by good monsoon, recovery in investment and stronger export growth on the back of improved global conditions says Disha Bhatt, Founder M/S Disha Bhatt & Associates.