Gautam Shah of JM Financial feels investors currently have no reasons to book profits. He has also set a near term target of 9,500 for the Nifty in 4-6 weeks and remains upbeat on power and capital goods indices
Investors build on early morning gains, even as indices seek to hold on to key levels. Reliance was up over 3 percent, while IT stocks continued to remain under pressure following developments on premium H1-B visa in the US.
Even the Asian markets have opened sharply lower on the back of weak overnight cues following the relentless fall in oil prices.
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Sudarshan Sukhani of s2analytics.com indicates that long positions were the need-of-the -hour in a market of this sort. Fundamental analyst SP Tulsian of sptulsian.com is positive on Reliance Communications and the realty sector and market analyst.
Equity benchmarks closed at their lowest levels in over three months on Friday as continuing concerns over the depreciating rupee and the likely wording of the General Anti-Avoidance Rule in the Finance Bill, triggered a sell-off.
Equity benchmarks rose over 2.5% for the week, but much of those gains came on Tuesday alone when the Sensex and Nifty surged nearly 3%. Barring that session, a lackluster trend.