Synopsis
India VIX moved up 1.28% from 23.12 to 23.41 level. Now, VIX needs to cool down and hold below 20 zone for continuation of the ongoing momentum with a higher market base.
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Signs of fatigue are visible, especially on the daily charts where Nifty formed an indecisive candle on Friday.
NEW DELHI: Nifty formed an indecisive Doji kind of candle formation on the daily scale and a long bullish candle on the weekly chart on Friday.
“15,000 has proved to be a psychological resistance but that should not deter the thought process on the trend. We continue to remain bullish and the Nifty has the wings to achieve 15,200. A buy on dips strategy would be advisable,” said Manish Hathiramani, technical analyst at Deen Dayal Investments.
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Investors with a medium-term perspective can buy the stock of Karur Vysya Bank at current levels. The stock gained 8.8 per cent with extraordinary volume on Friday, breaking above a key barrier at ₹50.
In early December 2020, the stock had encountered a resistance at around ₹50 and, thereafter, it was on a sideways movement between ₹41 and ₹50. Last week, the stock skyrocketed 24.5 per cent, accompanied by good volume and broke out of the range. This rally strengthened the intermediate-term uptrend that has been in place since recording a 52-week low at ₹18.15 in March 2020. It trades well above 21- and 50-day moving averages. The daily relative strength index have entered the bullish zone.
Sensex climbs to 51,000 mark, Nifty tops Mt 15K: Key factors behind market rally
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Last Updated: Feb 05, 2021, 10:57 AM IST
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Synopsis
The sentiments were also upbeat ahead of the RBI policy meet outcome scheduled later in the day.
The S&P BSE Sensex topped the 51,000 mark for the first time ever.
NEW DELHI: Euphoria over the government s capex plans refuses to die down as investors piled on shares of banks and financials, especially after the superior Q3 show of the largest bank in India, pushing benchmark indices to fresh highs.
“The market will be keenly watching the monetary policy due today, particularly the nuances of the policy and indications coming from the central bank. The policy rates are likely to remain unchanged but there can be indications on liquidity management, going forward. The RBI has a crucial role to play in growth recovery by pursuing an accommodative stance for an extended period of time, said VK Vijayakumar, Chief Investment Strategis
Despite the recent rally, there are plenty of opportunities within the private sector banks, which are adequately provided and have sufficient capital, say experts.
Come December 15, get ready to fish out double the toll tax if FASTag is missing from your vehicle. To prevent congestion at toll plazas, the government has made it mandatory to declare all lanes at toll fee plaza on national highways as FASTag lanes . FASTag is an electronic toll collection system, operated by the NHAI. Based on radio frequency identification (RFID) technology, FASTag is affixed on the windscreen of vehicles. In other words, FASTags are prepaid rechargeable tags for toll collection. FASTags do not have any expiry date, hence, they can be used as long as they are not tampered with and are readable at the toll plazas.