Although the global markets led the Indian market to close flat for the last trading day of the week, it posted 1.5 percent gains for the week.
The 30-share BSE Sensex was down 8.71 points at 31,360.63 and the 50-share NSE Nifty slipped 8.75 points to 9,665.80 despite positive market breadth. About 1,392 shares advanced against 1,285 declining shares on the BSE.
Ashwani Gujral ashwanigujral.com said nothing of significance has changed for the market today, and as long as Nifty hangs on to 9600 levels, it means the correction is shallow, which means news highs will come in. However, the problem remains with corporate banks which have not allowed the Bank Nifty to perform, he said.
Mitessh Thakkar mitesshthakkar.com agreeing with Gujral said there is no reason to worry except that Nifty is closer to earlier highs. However, if one wants to take fresh long positons on the index then it should be done beyond 9710 or at 9630. The overall trend and bias remains on the positive side.
SP Tulsian sptulsian.com shared their views on the rationale for rally seen in Reliance Industries. He also shared his views on sugar stocks.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.For the entire discussion, watch video