New Delhi, Feb 21 (IANS) With seven days of record intraday highs this year, Nifty is exhibiting great strength, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
The big emerging market worry of rising bond yields in the US is not impacting India since FIIs have been forced to reduce their selling since they are being completely neutralised by sustained DII buying assisted by retail exuberance. This resilient domestic buying is providing the main support to the ongoing rally in the market, and the strong performance of the economy and improving corporate earnings are solid fundamental support to the market.
The fact that the fairly valued large private banks are now contributing to the rally is a positive signal. This has the potential to sustain. But the irrational exuberance in pockets of the broader market is unlikely to sustain. Retail investors should not be carried away by this exuberance, he said.
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher, said the Nifty surged ahead to make new high once again breaching above the 22200 zone during the intraday session with the index positioned strongly with further rise anticipated in the coming days. The near-term target for the index would be 22400 levels and with strength sustaining, it can march ahead to next target of 22800 levels with near-term support maintained at 22000 zone. The support for the day is seen at 22050 while the resistance is seen at 22350.
BSE Sensex is trading at 73,069.64 points, up by 12.24 points. Metal stocks are up with JSW Steel, Tata Steel up 2 per cent.
–IANS
biz/san/uk
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
