SMC Equity Research Outlook- Post Market: 10th March, 2014 by (Mudit Goyal, Technical Analyst- Equity) After a stellar performance last week, the domestic markets opened on a weak note but picked up sharply and were consolidating in narrow range as the benchmark nifty holds above 6500 levels throughout the day. Moreover, overseas investors pumped in over Rs 3,000 crore in the Indian stock market in the past week mainly on hopes of a strong mandate for the government to be elected in polls starting next month. However, markets participates seem cautious ahead of key event that is IIP number that will slate to come out later in the week. Domestic markets extended gains in the last hour of trade and registered fresh all time high on account of active buying witnessed in rate sensitive sectors followed by power and oil&gas indices whereas sectors like FMCG and technology counters remained under selling pressure. Technically, Nifty is continuously trading in higher highs and higher lows sort of rising channel on daily charts which is bullish in nature.
Posted on: Mon, 10 Mar 2014 10:13:00 +0000
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