New Delhi, Sep 15 (IANS) The participation of bluechips like Infosys (NS: INFY ), RIL, L&T, HDFC Bank (NS: HDBK ) and ICICI Bank (NS: ICBK ) has imparted resilience to the ongoing rally, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.Even though the undercurrent of the market is bullish the high valuations and new risks like surging crude and rising dollar index can impact the market negatively, he said.
Brent crude at $94 is a major macro worry which the market cannot ignore for long. The rising dollar index which has breached 105 and the attractive US bond yields (10-year at 4.28 per cent) will force the FIIs to sell aggressively soon, he added.
Even while remaining invested in this rally investors can consider some profit booking, particularly in the over-heated mid-and small-cap space. In the micro-cap segment, hope and momentum, not fundamentals are driving the rally, he said.
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher, said Nifty recorded new high in the morning session near 20,160 zone, and thereafter finding consolidation near 20,100 ended the day on a positive note slowly inching towards our target of 20,300 zone.
Once again the participation from the broader markets were significant to support the index and one can anticipate further rise in the coming sessions. The support for the day is seen at 20,000 levels while the resistance is seen at 20,300 levels, Parekh said.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.