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Fresh highs on the nifty may be coming
sooner than expected but 15000-14950 is likely to act as a strong hurdle and
that is what played out on morning as
the index touched 15000 but failed to hold on to it. If the momentum
continues, the nifty should be able to hit fresh record highs probably in may.
Moving average convergence divergence,a trend-following momentum indicator, has
given a bullish crossover, which suggests a positive outlook for the bulls. The
earnings outcome of companies in the banking, IT, and auto space led the up
move, which helped to boost investor’s confidence. The third year of normal
monsoon with increased government spending is good news for auto companies,
such as Hero MotoCorp with large rural market share. Mahindra & Mahindra's
Q3FY21 performance was driven by good performance in both the tractors and
autos businesses.
TOP GAINERS-JSWSTEEL,TATASTEEL,HINDALCO,UPL
TOP LOSERS-SBIN,HDFC,LT,TATAMOTORS,M&M
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