During the previous weekly trading session, equity markets witnessed a high volatility in the start of the week and then started to trade sideways to marginally positive as the investors didn’t get a clear indication regarding the trend of the market. Sensex and Nifty touched the lows of 50,318 and 14,920 on Monday and Highs of 51,430 and 15,218 respectively on Wednesday. On Wednesday, the investors were not keen to carry positions due to the bank holiday on Thursday.
The markets are on their way to recover the losses of the previous week’s trading session, but at a slower pace. India’s Markit Services PMI numbers for the month of February 2021 came in better than expected, which uplifted the investors’ sentiments, as it indicates improvement in economic health of the country. Also, because of mixed global cues, the market failed to give any clear indications for the trend. Equity markets seems to be in a consolidation phase.
As far as sectoral indices are concerned, Bank Nifty gained more than 2% during the week, with Private Banks and PSU Banks gaining approximately 2.0% and 0.5% respectively. The rise in private banks was after the announcement of our Financial Minister Nirmala Sitharaman, that the embargo on private banks was lifted up, which means that now eve private banks can carry out government-related banking transactions such as taxes and other revenue payment facilities. Nifty Financial Services also gained more than 2.1%. Nifty IT gained 3.1%, Nifty Pharma gained 1.0%, whereas, Nifty FMCG, Nifty Metal and Nifty Auto hardly managed to closed in green. Nifty Energy (-0.5%), Nifty Media (-0.1%) and Nifty Realty (-1.5%) lost during the week.
For the upcoming week, the equity market is expected to come out of its consolidation phase. Investors need to keep an eye on India’s industrial production data, WPI manufacturing data, Inflation rate data which will be released in the upcoming week as they will affect the equity markets. Technically, indices needs to sustain above the levels of 15,180/51,275 to confirm its bullish trend and we may see Nifty nearing the levels of 15,300 in the near future. However, if the indices breaks the levels of 15,000 and sustains below that, then it confirms a bearish trend.
#beelinebroking #stockmarket #stocks #investing #trading #money #investment #finance #forex #investor #business #trader #stock #sharemarket #daytrader #nifty #daytrading #sensex #success #nse #NGS #NavGujaratSamay
Disclaimer: http://bit.ly/2uLiAVH