The market today saw a breakout but by the end of the day held to the lower-end of the range. The market ended in green with the Nifty above 8400. The 50-share is up 19.00 points or 0.2 percent at 8417 and the Sensex is up 21.98 points at 27257.64.
According to market expert Ashwani Gujral of ashwanigujral.com, Nifty is stuck in 8350-8450 range, so one should expect more consolidation. Going forward, Nifty will break out of 8450 but it needs a trigger – it could be the Budget. Although foreign institutional investors (FIIs) have turned buyers, it is not enough to push market higher. For Nifty to sustain above 8500 levels, one needs to see more FII buying, says Gujral.
In the same interview, experts SP Tulsian of sptulsian.com, Mitesh Thacker of miteshthacker.com and Prakash Diwan of prakashdiwan.com also shared their views on stocks and sectors.
The Finance Minister today approved listing of shares of public sector GIC companies via issue of fresh equity, offer of sale or combination of both.
Commenting on the above development Tulsian said it was an excellent move, because in the life insurance space so far there was only one public sector company and that was LIC.
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