As long we don’t see a decisive breakout above 18225-18300, traders are advised to avoid aggressive long bets and be very fussy in stock selection.
Fino Payments Bank may continue to remain under pressure post listing because of valuations concerns, competition, and regulatory challenges.
The need of the hour is to have a balanced portfolio with a mix of defensive stocks & sectors, debt, and cash in hand, after the super rally.
In the week ended on Friday, the Sensex jumped 619.07 points or 1.03% to settle at 60,686.69. The Nifty 50 index surged 186.57 points or 1.04%.
According to Peter Lynch, “If you are in the right sector at the right time, you can make a lot of money very fast”
Most sectoral indices ended the day in the green with Nifty IT zooming 2.10% followed by the Nifty Realty index gaining 1.65%.
Tata Steel, Sun Pharma, Nestle India, Kotak Mahindra Bank & Tech Mahindra were among the top gainers. While Powergrid & Bajaj Auto were the losers.
Asian stocks are mostly trading higher on Friday following overnight gains for tech stocks stateside as the Nasdaq Composite rebounded.
Sensex closed at 59,919.69, down 433.13 points or 0.72%, while the Nifty declined 143.60 points or 0.80% to end the day at 17,873.60.
At 10:30am, Sensex tanked 563.92 points or 0.93% to 59,788.90, while Nifty stood at 17,848.70, down 168.50 points or 0.94%.