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Let me now give you a sneak peek into what happened on Dalal Street today.
Short covering came to Nifty’s rescue on Friday and triggered a sharp rebound in the late session to help end a five-day losing streak. This happened on a day when most other Asian indices closed in the red. Even European markets were traded weak when Dalal Street closed business for the day.
BSE Sensex recovered some 1,271 points from the day’s low to eventually settle 642 points higher. Nifty recovered from the day’s low of 14,350 to close near 14,750. Index heavyweight Reliance Industries and select FMCG and IT stocks led the gains. RIL and HUL rose 4 per cent each. ITC added 3 per cent. HCL Tech, Infosys and TCS each gained up to 1.5 per cent. Easy Trip ended its debut trade at Rs 208, up 11.3 per cent from issue price.
We have Paras Bothra of Ashika Stock Broking to share his views on the market proceedings .
Welcome to the show, sir,
Do you think that the recent selloff was overdone, as crude prices are falling again; vaccine rollout though slow is progressing well and the world seems to have come to terms with 2% yields on US 10-year bond?
Easy Trip had a relatively muted listing. What signals do you read in there?
On the technical charts, Nifty formed a ‘Piercing Line; pattern on the daily chart and a ‘Hammer’ candle on the weekly chart. We caught up with Nilesh Jain of Centrum Stock Broking to do the chart reading.
What are the charts saying after today’s U-turn in Nifty50?
What is your take on Nifty Bank?
Other Asian markets settled mostly lower; European markets were also trading lower in the first few hours of trade. However, US stock futures hinted at a positive start later in the day.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye!
