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Last Updated : Jun 30, 2019 09:05 AM IST | Source: Moneycontrol.com

'Stay positive until Nifty50 holds 11,600, will reach all-time high'

Traders should have a positive perception of the markets until Nifty50 holds the 11,600 mark in a near term and we hope that it will reach an all-time high soon

Moneycontrol Contributor @moneycontrolcom

Gaurav Garg

Even with F&O contract expiry taking place this week, the markets showed very little activity and we witnessed the bears to in charge of the markets. After taking a firm support at 11,600 level, Nifty50 settled with a modest 0.60 percent weekly gain at 11,788.90.

This gain was achieved with help from Niftybank which had a weekly gain of more than 1.61 percent followed by PSU Banks and Metal Sectors. The stocks that rallied the most were UPL, NTPC and Axis Bank, gaining more than 5 percent while Bharti Infratel, Tech Mahindra and Eicher Motors were seen to be on the losing end.

Close

Though the overall index did not showcase much volatility this week, Yes Bank, Indiabulls Housing and SBIN were the most traded stocks throughout the week. Nifty50 was able to sustain 11,900 mark and witnessed pressure in the last few sessions. IT Sector appeared as the weaker link in the weekly rally.

A major reason for this could be US President Trump's H1B1 Visa curb and depreciation of Dollar this week. For the month of June, FII transactions were less lucrative compared to DII as FIIs sold nearly Rs 174 crores compared to Rs 3,461 crore of buying by DII. Now, all traders will be eyeing the monthly auto sales data which will be announced in the first week of July.

We, at CapitalVia, believe that traders should have a positive perception of the markets until Nifty50 holds the 11,600 mark in a near term and we hope that it will reach an all-time high soon.

(The Author is Head of Research CapitalVia Global Research Ltd - Investment Advisor.)

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Jun 30, 2019 09:05 am
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