The Nifty50 ended at 8,635 after hitting its fresh 52-week high of 8,641.15 in trade, supported by gains in sectors such as oil & gas, realty, consumer durable.
“The Nifty50 is likely to first reach the 8,655 mark and then surge higher towards the 8,800 level in the near future,” Sameet Chavan of Angel Broking said.
According to a survey by HSBC, 47 per cent of working people in India has not started saving for their future or have stopped or faced difficulties while saving.
The maximum Call open interest of 61.7 lakh contracts still stands at strike price 8,600, which will act as a key resistance for the index, followed by strike price 8,700.
The market remained volatile for most of the sessions during the week either due to quarterly results or commentaries from central banks across the globe.
A ‘Hammer’ candle indicates that the bulls came to the rescue at lower levels and managed to push the index higher, but no follow-up buying kept market subdued.
Investors always hunt for multibagger stocks that can deliver 2 times or 3 times returns in quick time. But are they good for investment? Well, that’s a different story.
FPIs increased stake in ACC to 15.71% in June quarter from 14.84% at the end of the previous quarter. Atul Auto saw FPI stake go up by 3% to 8.06% from 5.46%.
Fresh Call writing and Put unwinding at 8,500-8,600 levels will keep the market rangebound.
ITC has been on a roll so far in 2016, outperforming Sensex by a wide margin in anticipation of an uptick in the cigarette business to drive volume growth.
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