Equity benchmarks were consistently hovering around their previous closing values due to lack of global cues. The market has been consolidating since the beginning of the week as it could be waiting for some trigger like IIP data, RBI policy or any global event.
Private banking and capital goods companies' shares were supporting the market. Heavyweights Reliance Industries, NTPC and TCS too were on buyers' radar since the opening of trade.
However, telecom, healthcare, Anil Dhirubhai Ambani Group, cement, select auto and technology companies' shares were putting pressure on the market. Major ones like SBI and ONGC were down close to 1.5%.
The 30-share BSE Sensex was trading at 18,382, down 11 points and the 50-share NSE Nifty fell 6 points at 5,520. Even the European markets were flat in trade.
Mithil Pradhan, Technical and Derivatives Analyst sees the Nifty breaking the tight range it has been trading in on the higher side! “I am bullish on the Nifty in the near-term,” he says. Post consolidation, once the market starts to move up on good volumes, we would easily touch 5850-5950 levels, he says. However, exit on rallies after that, he advices.
SBI, IDFC, Aanjaneya Life, Tata Coffee, Tata Motors, ICICI Bank, L&T and Reliance Industries were most active shares on exchanges.
Midcaps
Indian Metals, KGN Industries, HOEC, CMC and India Infoline were up 3.5-5% while HCL Info, A2Z Maintenance, S Kumars Nationwide, SpiceJet and OnMobile Global lost 2-7%.
source-moneycontrol
Stevenson
management trainee-Fundamental analysis
DENIP Consultants Pvt Ltd
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