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Post the previous Monday’s swift rally, Nifty swung between 15,670-15,900 zone through the rest of the week. On Friday, Nifty closed at 15849, up 59 points, forming another bullish candle. Recent rebound from the lower levels indicates an immediate floor near 15700-15635 levels, while positive follow-up action is required to attempt 15975. Nifty s breadth remained mildly positive, moreover, all the sectoral indices ended in the green, except the FMCG index. Bulls regained momentum in the banking space. Except for Kotak Bank and Bandhan bank, all the components of Bank Nifty ended in positive territory. Bank Nifty rose significantly, gaining 1.5 per cent in Friday’s trade and 2.3 per cent for the week gone by. Levels of 35000 could turn out as immediate floor, while on the higher side, it might inch higher till 35800-36000 zone. ....
For the coming week, the main worry for the market will be its own overstretched technical setup. This, when read along with the precariously low VIX value, raises a red flat for the immediate short term. ....
CLSA said the corporate credit cycle is turning, and there is adequate capitalisation in BoB following the recent capital raise (CET-1 at 11 per cent). Besides, the bank showed strong retail asset quality in a pandemic year, it said. ....