Bombay Stock Exchange’s barometer Sensex made its way past the mystical 17,000-mark for the first time in the last 16 months buoyed by Al-round buying momentum. However, market watchers are wary whether the current upmove can be sustained and forecast a correction in the near term.
“The overall trend looks bullish given that the Sensex has crossed the 17000 level. On the Nifty, after a decisive breakout above 5000, the next target is close to 5150 levels. From thereon, +/- 50 points move is likely where profit booking may set in. Today’s move was not backed by heavy volumes, which suggests caution and short term players should take this under consideration. Continuous FII inflow was witnessed in the month of September to the tune of around Rs 17500 crore which set the market momentum going. Going ahead, FII inflows need to be watched since the market mood will remain upbeat despite aggressive valuations if the inflows continue,” said DD Sharma, VP Research – Retail, Anand Rathi Financial Services.
“The market is due for a correction as the euphoria has sustained too long. The market may scale higher peaks but only after a period of consolidation or correction. We advise investors to adopt a buy-on-declines strategy,” said Manish Sonthalia, Portfolio Manager Motilal Oswal Financial Services.
~ET
At SAMPARK, we provide financial advice and distribute various investment products with the most efficient & widest range, customized specifically to your NEEDS..@ Whether you are keen on small investments or playing it big, We provide financial advice and distribute various investment/financial products with the most efficient & widest range, customized specifically to your NEEDs.
Subscribe to:
Post Comments (Atom)
Popular Posts
-
24/12/09 Sensex 17360(+129) Nifty 5178(+33) $ 46.75 Gold 16792 Silver 27269 CRUDE $76.56 -
-
A WINNER can show you d way to success.. But.. A LOOSER can make you.. Aware of all ways leading to failure..@
-
29/04/11 Sensex 19135(-156) Nifty 5749(-35) $ 44.43 Gold 22277 Silver 71753 CRUDE $112.82
-
8 MILLIONS CHILDREN ARE NOT IN SCHOOL : THE POWER OF YOUR WORDS CAN HELP CHANGE THEIR LIVES .. JOIN THE MOVEMENT NOW
-
Dear All Today is the first day of the new Financial year and we all are free now as lockdown prevails due to Corona crisis, so let's...
-
Those Who Joyfully Leave EVERYTHING IN GOD'S HAND Will Eventually See GOD'S HAND IN EVERYTHING WORRY ENDS, WHERE FAITH BEGI...
-
The Insurance Regulatory and Development Authority (IRDA) had brought about sweeping changes in the insurance industry particularly in ...
No comments:
Post a Comment