Nifty
defends 7,700 amid geopolitical tension
Market ended higher for third straight day as indices reversed all
its losses amid late buying in index heavyweights HDFC and RIL.Benchmark
indices witnessed selling pressure till late afternoon trades on account of
profit booking at higher levels while the terror attack at an airport in Brussel also dampened sentiment.The
S&P BSE sensex ended up 45 points at 25330 and the Nifty50 closed 11 points
higher at 7,715. In the broader markets, the BSE Midcap and Smallcap indices ended up 0.3%-0.5% each.“Recently
Nifty50 rallied almost 13% from its recent low of 6,825. However, investors may
resort to profit booking ahead of the extended weekend. Till the settlement,
Nifty50 is likely to touch 7,800 or 7,900 led by short covering among metals,
banking and cement sectors”
He further adds, “Investors should reduce position at around 7,800-7900 and increase cash positions. Major correction in markets is expected in the second week of April and we expect Nifty50 to hit 6,600 to 6,300 in next 4-6 months”.On the macro-economic front, the country’s (CAD) narrowed to $7.1 billion (1.3% of gross domestic product) in the quarter ended December 2015, from $ 7.7 billion (1.5% of GDP) in the year-ago period. Besides, foreign portfolio investors (FPIs) bought shares worth a net Rs 1,396 crore yesterday, as per provisional data released by the stock exchanges.
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