Saturday, 25 February 2017

Weekly Market Update>> Nifty seen at 9000 amid consolidation >> Ripples Financial Advisory

Market gained more than a percent in the passing week, driven by big newsflow such as TCS buyback announcement, hopes of Axis Bank merger, likely Vodafone-Idea deal, Bharti Airtel 's Telenor India acquisition, Reliance's new tariff plans, consistent domestic liquidity support and weakness in dollar due to Federal Reserve's cautious approach on a further rate hike. The Nifty hit a fresh 52-week high of 8982.15 intraday on the last day of truncated week but failed to hold that level due to profit-booking ahead of the long weekend. 

The market was shut on Friday for Mahashivratri holiday. After hitting a new one-year high on Nifty, experts feel this breakout may take the market higher from current levels. They expect it at a new high in the coming days as a lot of positive news flow is lined up but maintained cautious approach after a 7 percent rally seen in the last five consecutive weeks. According to them, further consolidation in telecom & banking space, reversal of negative effect of demonetisation on economic activity could help the market surpass its earlier record high.

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