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Markets May Stay Range Bound Next Week


Markets may continue to consolidate around the same levels next week. Most of the companies have reported quarterly earnings and some have surprised positively. One feature of this week has been the tremendous rally that we have seen in the PSU banking stocks.


Markets May Stay Range Bound Next Week
One is not sure if there is still some steam left. Several of the banking stocks are now very close to their 52-week highs. Technology stocks also saw some buying interest this week and so did pharma. Infosys was a stock that saw buying support despite worries over some tensions between the founder owners and the board of directors of the company.

There were reports that we may see some of buyback from the company. ITC was also in the limelight following reports that the government would sell a stake through SUUTI.

This week the markets also digested the RBI's credit policy. The country's central bank maintained a status quo on interest rates. This had little impact on banking shares, which continued to rally. Analysts say that we might see some selling pressure in banking stocks which have had a good rally in the past. There are no major cues at the moment, but markets might now brace for some volatility ahead of the election results to key states in the month of March. Until then we might see some range bound market.

In fact technical analysts say that the Nifty is just not able to push itself above the 8,825 levels and is facing stiff resistance at these levels. However, once it breaks above this level there might be some sustained to the 9,000 levels, which could more or less be a peak for the markets.

If you are a buyer at these levels, you maybe taking a slight risk, buying into the markets now.

Read more about: sensex nifty
Story first published: Saturday, February 11, 2017, 9:29 [IST]
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