ANews Office: Nifty closed on highs for fourth consecutive week and closed over high of 11600 due to thrust given by banking and finance and reality shares but various big shares of IT ,Telecom etc pulled it down. Markets range for month is 11300 to 12000,Nifty is making higher top and higher bottom. Nifty is at highly overbought zone and poised to go on either side if it start cracking we even cannot rule out breaking 11000,but Momentum is strong and might take it to upper band.Support for Nifty is at 11410,11290,11171,11108,10882 & it may face resistance at 11760,11900,12103,12160,12246.
US markets also saw bullish trading during last few weeks and two of its main indexes touched all time highs and Dow has also come positive for year. In commodity side gold & silver saw correction but it may consolidate and future depends on any new vaccine related development. Investors and traders should be cautious as markets are too high and little uncomfortable level and can add good stocks as coming days mid cap will out perform large caps also regular profit booking should be done on regular basis.various datas will be important to see in start like monthly auto data, cement consumption, manufacturing and service data also GDP & fiscal deficit. Focus should be on Banking , retail, defence, capital,IT, Pharma and all other sectors will keep on rotating so add only sector leaders.
DISCLAIMER- Views and Levels mentioned above are my personal study and I have every right to be wrong. I am not SEBI registered Financial advisor yet and theses views are for educational purpose hence please take decisions of your hard-earned money by yourself.
Sunand Gopal Kapila, Financial advisor
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