Indian equity markets achieved a new all time high this week with a fresh new all time high of 10366 while it closed at record levels of 10320. Bank Nifty index also added more than a 1000 points to close at 24850 levels. As Equity markets returned from festive holidays we have seen benchmark indices post best gains in last couple of months making October series as rewarding for bulls as it have been in past.
The gains were largely contributed by Indian domestic cues as one of the largest mega projects were unveiled by Indian govt worth 7 Lakh crore which aimed at boosting the overall economy while recapitalization of Banks with 2.11 Lac crore paved the way for PSU banks to post record gains. Some of the banks which were leader among the sector hit as much as 60-70% with overall delivery reaching to +85% as well. SBI, CanBank, PNB, and Bankbaroda were major gainers adding more than 1 Lac crore in value post announcement. Global cues like passing the US bill in senate was also a boosting factor for the sentiments in starting of the week.
Nifty is in uncharted territory and seems to break immediate resistances. The broader range of the markets are presently at 10200 – 10400. This particular range may expand in coming week since a lot of results will be coming out. In past week a lot of upbeat results helped market keeping the undertone bullish as well. We see immediate support at 10250 – 10200. Below that profit booking may trigger to 10130. Resistance is at 10400. breaching of same will further push market to confluence of 10500 – 10600.
Despite a recent run up we may see some profit booking in PSU banks. Auto stocks may perform well in coming week along with FMCG like marico, ITC and so on. From auto space we like Maruti, Tata Motors and motherson sumi. In coming month we may see some important numbers like IIP and WPI while results season will also affect stock specific.
For more information Whatsapp@ +91-9755855566 or visit@ http://www.saiproficient.com/
The gains were largely contributed by Indian domestic cues as one of the largest mega projects were unveiled by Indian govt worth 7 Lakh crore which aimed at boosting the overall economy while recapitalization of Banks with 2.11 Lac crore paved the way for PSU banks to post record gains. Some of the banks which were leader among the sector hit as much as 60-70% with overall delivery reaching to +85% as well. SBI, CanBank, PNB, and Bankbaroda were major gainers adding more than 1 Lac crore in value post announcement. Global cues like passing the US bill in senate was also a boosting factor for the sentiments in starting of the week.
Nifty is in uncharted territory and seems to break immediate resistances. The broader range of the markets are presently at 10200 – 10400. This particular range may expand in coming week since a lot of results will be coming out. In past week a lot of upbeat results helped market keeping the undertone bullish as well. We see immediate support at 10250 – 10200. Below that profit booking may trigger to 10130. Resistance is at 10400. breaching of same will further push market to confluence of 10500 – 10600.
Despite a recent run up we may see some profit booking in PSU banks. Auto stocks may perform well in coming week along with FMCG like marico, ITC and so on. From auto space we like Maruti, Tata Motors and motherson sumi. In coming month we may see some important numbers like IIP and WPI while results season will also affect stock specific.
For more information Whatsapp@ +91-9755855566 or visit@ http://www.saiproficient.com/
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