Equity benchmarks concluded on a cheerful note last week

Equity benchmarks concluded on a cheerful note underpinned by strong global cues. The Nifty ended the week at 9860 points, up 706 points.

Nifty midcap performed in tandem with benchmarks as it rose over six per cent, indicating broader market participation. Sectorally, financials, metal and IT relatively outperformed while pharma stocks took a breather after the recent run-up.

The key point to highlight during an ongoing pullback is that benchmark index Nifty have high probability ratio of positive correlation with the major US markets, as the US has retraced more than 50 per cent of major decline seen over past three months.

The Nifty has seen a sharp up move of 1000 points approximately over past seven sessions.

Going ahead, it is being believed that, 10000 points to 10200 points level would act as immediate resistance in the coming weeks. Hence, any dip from hereon should be capitalized as an incremental buying opportunity.

Meanwhile, Brent Crude prices closed higher at US$26.5 per barrel as compared to previous week's closing price of US$21.4 per barrel and gold prices ended lower at $1730 per ounce as compared to previous week's closing price of $1748 per ounce.

Bond yields ended lower at 6.11 per cent as compared to previous week's closing price of 6.17 per cent.


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