Mid-Market: April 20

After a day’s holiday, markets opened with a gap up but reported a range bound volatility after five consecutive upbeat sessions. Metal sector performed exceptionally well where Nifty Metal gained 3.3 per cent and Jindal Steel and Vedanta surged more than 8 per cent each.Nifty was flat to negative with 11 points at 7903.95; and Sensex was trading at 25800 i.e. 16 points downside from the previous close . 

Market breadth remained positive with 1204 Advances and 1117 Declines, majorly because of optimism in the midcap and smallcap segment.Asian markets advanced on the back of positive closure from the Wall Street amid bounce back in oil prices where Brent Crude hit above 43.3 $/ Barrel.

Top Nifty Gainers:Metal majors Tata Steel and Hindalco saw an upside of nearly 4.5 per cent and 3.3 per cent rise. Axis Bank, Gail and Tech Mahindra followed with nearly 2 per cent upside each.

Top Nifty Losers:Telecom major IDEA was the highest loser with 2.65 per cent fall. Reliance, M&M, Infratel followed with 2 per cent and more loss each.

We could see a tug of war among the major sectors where metal trailed against the markets with nearly 3.2 per cent upside. Banks and financial services remained flat to positive. On the contrary media stocks tumbled the most by nearly 1 per cent. All others traded marginally lower.

Buzzer: We have Wipro Q4 results to watch out for. Wipro traded on a positive note with 1 per cent upside.

Nifty strives to trade above 7900 mark. We hold 7950-7965 as the resistances and 7880-7780 as the major support levels in the coming sessions.