The top Nifty gainers during the week were Bajaj Auto, Cairn India, Bharti Airtel, and Coal India while losers included Kotak Mahindra Bank, Tata Motors, and Reliance Infra.
On Friday, the markets closed with significant declines with banking, capital goods, realty and power being the worst performers. Healthcare and oil & gas, too, lost significantly while auto and metal closed positive. The top Nifty gainers were Bajaj Auto, Maruti Suzuki, Asian Paints and TCS while losers included BHEL, Kotak Mahindra Bank, Dr Reddys and IDFC.
The sudden resignation of Sharad Pawar and Praful Patel has not taken well by the market men. This episode has once again thrown the markets in to uncertainty. One can only hope that the Govt solves this problem at the earliest.
Technical Analysis: The Sensex closed at 17158, down 120 points from its previous close, and the Nifty shut shop at 5205, down 38 points. On the higher side 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 waiting for some positive news on the reforms front from the Govt. However, the resignation of Nationalist Congress Party members i.e. Sharad Pawar and Praful Patel from the council of ministers has once again triggered uncertainty on the political front. The much needed reforms may not be forthcoming in the near future. Wait and watch should be the watch word.
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