Mumbai, 19 April (IANS). Giving information on Saturday, the stock market experts said that the Indian benchmark indices concluded the week with a strong recovery of more than 4.5 percent due to positive signals from domestic and global factors.
The benchmark indices started with a significant lead and remained a boom throughout the week.
At the end of the week, both Nifty and Sensex closed their highest levels at 23,851.65 and 78,553.20 respectively.
Ajit Mishra, Senior Vice President (Research), Railways Broking Limited, said, “For the last few months, the Nifty Index has been trading within 21,700 to 23,800 radius and has reached a high level of this scope. It has also regained important moving averages – 100 and 200 -De EMA.”
“Positive speed is going on, so the 24,250-24,600 area of the index is likely to target the area in the coming weeks,” he said.
Banking stocks have been the best performing, due to decrease in retail inflation figures and favorable monsoon forecast.
This increased the optimism about the possible rates of the Reserve Bank of India (RBI).
Optimism promoted positive spirit on postponing the tariff of Trump administration and exemption for select products, hoping that business tension could be reduced in future.
There was no major negative surprise from the global markets, which also helped to maintain a sense of speed. These developments helped support the fast throughout the week.
“The decline in the instability index also indicates a decrease in uncertainty after a period of recent instability,” he said.
He said, “The current recovery trend is likely to continue. As long as the Nifty remains above the 23,000 points, the strategy of ‘purchasing on fall’ is recommended.”
According to the Bajaj Broking Research Report, the market volatility is expected to remain at a high level between any decision -related decisions and the progression of the fourth quarter income season.
-IANS
SKT/ABM
