Monday, 20 February 2017

Stock Market Today by Ripples Financial Advisory – 20th February 2017

Market to open gap-up for the second consecutive day tracking strong global cues and cash market. Indian benchmark index Nifty on Friday closed at 8822 after making a high of 8896. Nifty was up by 0.50%, the index opened at 8884 and made low of 8804. The index has given a breakout of its range high of 8827, but closed below it. Traders should be cautious to make any long position; however one can build long positions if Nifty trades above its previous day’s high of 8896.

Bank Nifty has made a life time high of 21042 on the news that RBI has withdrawn the limit for purchase of shares of HDFC Bank. It is the major constituent of Bank Nifty with a weightage of 31.66% in the index. However the index closed at 20551,around 490 points down from its high.

Small cap Index was up by 0.71%, the index closed at 6560 after making low of 6507. The Index opened at 6540 and made a high of 6566. The small cap index is showing strength from last two trading sessions after giving correction of 300 points from its life time high of 6707.

Nifty Future is opening at 8869 as per SGX Nifty at 8:30 am IST, 47 point above its previous close of 8822.

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