Benchmarks gained momentum after a sluggish starts as investors bought stocks at lower levels. According to dealers, the upmove seem to be on the back of short coverings and traders should remain cautious in a volatile market.
“We could witness a positive opening today, and if all goes well a much better finish as well. The intermediate downtrend might continue for a while and 5347 will act as important support. A break below 5350 could spark further selling though. Beware of heightened volatility. Don’t get fooled by short-covering-led spikes. The Nifty may face resistance in the 5500-5600 zone.
Meanwhile, the Government is trying its best to repair its corruption tainted image. The Budget is expected to contain measures aimed at combating inflation and supporting growth. Whether those will be enough or not only time will tell,” said IIFL report.
At 11:11 am: Bombay Stock Exchange’s Sensex was at 18369.87, up 279.25 points or 1.54 per cent. The 30-share index touched a low of 18064.61 and 18393.56 high of in trade so far.
National Stock Exchange’s Nifty was at 5502.75, up 70.75 points or 1.30 per cent. The 50-share index touched a low of 5418 and high of 5514.25 intraday.
BSE Midcap Index was up 0.67 per cent and BSE Smallcap Index advanced 0.72 per cent higher. All the sectoral indices were in the green. BSE Realty Index gained 2.67 per cent, BSE Metal Index moved 1.58 per cent higher and BSE Bankex was up 1.37 per cent.
DLF (5.39%), Hindalco (3.32%), Bharti Airtel (2.77%), Hero Honda (2.73%), and Jaiprakash Associates (2.60%) were the top Sensex gainers. There were no index losers.
IIFL is of the view that Bharti Airtel has formed bullish ‘piercing line’ pattern on candlestick which corroborates trend reversal from the down trend. It has reiterated ‘Buy’ for target of Rs 335.
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