The market saw a gain of more than 1 percent in the week ended September 17 on the back of the announcement made by the government for reforms and positive macro data. In this week’s trading, the Sensex touched a record high of 59,737.32 and the Nifty touched a record high of 17,792.95.
However, if we look at the whole week’s business, the Sensex closed at 59,015.89 with a gain of 710.82 points, or 1.21 percent. On the other hand, Nifty closed at 17,585.2 with a gain of 215.95 points or 1.24 per cent.
The broader market also continued to rally. Last week, the BSE Mid and Smallcap indices also saw a gain of more than 1 per cent. There are 50 stocks in the smallcap index, which have seen a rise of 10 to 41 percent. This includes Thirumalai Chemicals, Surya Roshni, RPSG Ventures, Reliance Infrastructure, BLS International Services, Simplex Infrastructures, Fineotex Chemical, Cosmo Films, Kesoram Industries and Cantabil Retail India.
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However, Ajmera Realty and Infra India, Walchandnagar Industries, Liberty Shoes and Soril Infra Resources saw a decline of 10-17 per cent.
Vinod Nair of Geojit Financial Services Says that the last week has been great for Indian investors. During this period, along with the giants, there was a good increase in small-medium stocks too. However, at the end of the week there was profit-booking in the market. He further said that the market sentiment was boosted by positive economic data and relief measures taken by the government for the telecom, banking and auto sectors.
He further said that the banking sector, which has been looking backward in the rally so far, also showed a boom last week. Apart from this, the BSE 500 index also rallied around 1 per cent due to gains in Zee Entertainment Enterprises, Vodafone Idea, IRCTC, Zensar Technologies, Dish TV India, JSW Energy and Interglobe Aviation.
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How will the market move next week
Samco Research It says that the eyes of investors from all over the world will now be on the results of the FOMC meeting. Next week the US Fed is expected to express its views on the bond buying program and interest rates. The market will keep an eye on it. Hence investors would be advised to avoid taking very aggressive positions to avoid any unforeseen volatility.
Rohit Singhre of LKP Securities Says that last week Nifty closed with a gain of 1 percent near 17586 and it has made a bullish candle on the weekly chart. The level of 17,530 will be very important for Nifty. If Nifty slips below this level, it may face further weakness. There is immediate support for Nifty at 17,500. After this 17,430 is the next support. On the upside, the resistance is visible at 17,650-17,750. We can see profit booking around this resistance.
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Manish Hathiramani of Deen Dayal Investments Says that the market faced resistance around 17750 but the trade still remains positive. In such a situation, one should stick to the buy strategy in any downtrend. Near term support for Nifty is at 17300. On the other hand, if Nifty crosses the level of 17,800, then it can see a rise up to 17,950.
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