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Tech Take: Nifty to target 16,300-16,600 in near term SECTIONS Share Synopsis Nifty ended up 245.60 points, or 1.55%, at 16,130.75 after touching an all-time high of 16,146.90 during the day. Technical analysts advise putting money in fast-moving consumer goods, IT, metals and real estate companies. Getty Images Related Mumbai: Nifty could head to 16,300-16,600 in the near term after breaking the elusive 16,000-barrier. The index had been moving in a band of 15,500-15,900 for two months. It has now broken out of the zone and closed above 16,000, which has given further conviction that the rally will continue, said technical and derivatives analysts. Nifty ended up 245.60 points, or 1.55%, at 16,130.75 after touching an all-time high of 16,146.90 during the day. Technical analysts advise putting money in fast-moving consumer goods, IT, metals and real estate companies. ....
Technical and derivative analysts expect Nifty to find support at 15,600 levels after a second consecutive weekly loss. Nifty fell 0.2% last week to close at 15,689.8 but outperformed regional peers barring Indonesia and Singapore. Corporate earnings and any global volatility over surge in Covid cases is likely to keep investors on edge. Analysts expect Nifty to face resistance near 15,900. Dharmesh Shah, Head - Technicals, ICICI Securities Where is Nifty headed? Nifty is approaching maturity of price/time-wise correction as it retraced its May 2021 rally by just 38% over past 4 weeks, indicating robust price structure. Time-wise, it is expected to maintain rhythm of not correcting for over 3 ....
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State-owned Indian Railway Finance Corporation (IRFC) and UTI Asset Management Company (AMC) are likely to get included in FTSE global indices during their quarterly rebalancing later this week. “In terms of fresh inclusions, we expect IRFC to get included in the All World and All Cap index and also expect UTI AMC to get included in the All Cap (Small Cap) index,” said Sriram Velayudhan, Vice President at IIFL Securities in a note. China-based Fosun Pharma-led Gland Pharma also meets the qualification criteria, but limited room for overseas investment could spoil its chances. The quarterly adjustments to FTSE global equity indices will be announced on May 21 and the changes will become effective from June 18. ....