Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan, said the index is headed towards the 16,800 level. "The level of 16,800, which was our medium-term target earlier, now becomes the short-term target and the medium-term target has been raised to 17,500. Thus, the short-term traders are recommended to hold on to their long positions and ride the trend for higher targets," he said.
In the BSE 500 index, about 270 stocks ended the week on a negative note while the rest closed with gains. Among the gainers, just 14 counters registered double-digits gain during the week.
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Domestic stock markets climbed off the record highs it logged in the morning deals on Friday but were trading with gains in the early afternoon deals. At 12:54 pm, the S&P BSE Sensex was trading 213.75 points or 0.41% higher at 52,514.22 levels, while the Nifty 50 index was trading with a gain of 55.85 points or 0.35% at 15,793.60. Get more Markets News and Business News on Zee Business.