Local cues turn positive for mkts
India equities opened positive and gradually gained momentum to touch yet another new high; finally closing near day’s high. Sensex breached 59,000 mark to close at 59,141 levels.
image for illustrative purpose
Stock Picks
- APOLLOHOSP: Above Rs4,878 with a target of Rs4,926 and Stop loss of Rs4,830.The stock is in upward trending channel and is on the verge of a breakout.
- DIXON: Above Rs4,238 with a target of Rs4,280 and Stop loss of Rs4,196. It has support of 8 and 40 EMA.
- APLAPOLLO: Above Rs960 with a target of Rs969 and Stop loss of Rs951. The stock is in upward trending channel and has given a breakout.
- ALKEM: Above Rs3,877 with a target of Rs3,915 and Stop loss of Rs3,839. It has a support of 8 EMA.
- ENDURANCE: Above Rs1,625 with a target of Rs1,641 and Stop loss of Rs1,609. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: India equities opened positive and gradually gained momentum to touch yet another new high; finally closing near day's high. Sensex breached 59,000 mark to close at 59,141 levels. Despite weak global cues, introduction of PLI reforms for telecom and Auto sectors led to the rally, giving confidence to the investors about the reform led economic recovery.
Though the rally was broad based, PSU Banks showed stellar performance up over five per cent ahead of Finance Minister's press briefing on Bad Bank. In fact, Bank Nifty hits record high today, breaching its previous high of February.
Global cues continue to be weak as investors remain cautious due to worries over global economic recovery, weak Chinese data and focus on key US data (retail sales and weekly jobless claims) due later in the session.
"The market might be volatile on account of fragile global cues, on worry over slower economic growth and rising Delta variant cases globally," says Siddhartha Khemka, head (retail research), Motilal Oswal Financial Services.
Investors are cautious ahead of next week's Federal Reserve meeting, awaiting indications on when the central bank will start withdrawing its monetary stimulus and start raising interest rates eventually. Valuations too are rich and hence could lead to bouts of profit booking, he said.
