The markets closed flat on Friday with realty, metal and consumer durables being the biggest losers. Power and IT, too, lost significantly and FMCG was the only sector that managed to close in the green.
The top Nifty gainers during the week were ONGC, GAIL, BPCL, and HDFC Bank while losers included Infosys, Wipro, Tata Steel and Jindal Steel.
Owing to forthcoming Presidential elections, policy reforms seem to be kept in abeyance. Once, the event is over, Govt may initiate policy reforms. Till such time, light trading may be done.
Technical Analysis: The Sensex closed at 17214, down 19 points from its previous close, and the Nifty shut shop at 5227, down 8 points. On the higher side Nifty 5250 and 5300 are the strong resistance levels while on the lower side 5200 and 5150 are the strong support levels.
Suggested Strategy: The markets are moving in a narrow range. Perhaps, things may change after the Presidential elections. Markets are waiting from policy reforms from the Govt. Till such time, markets may experience alternate bouts of buying and selling in a narrow band. Buy strong shares on declines and keep booking profits at higher levels. Trade light.
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