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Nifty Overextended On Technical And Valuation Front : India VIX is placed at a curious juncture

Nifty Overextended On Technical And Valuation Front : India VIX is placed at a curious juncture


The first half of January 2021 looked very much like the final quarter of the last year. The key benchmark indices were pushed higher boosted by optimism on vaccine rollout, betterthan- expected start to Q3 earnings with IT bellwether TCS reporting its strongest third quarter growth in nine years and all the verticals showing good sequential growth. The long list of tailwinds does not end here as we are yet to talk about the most important tailwind i.e. FIIs’ flow in equities. FIIs, who have poured in over Rs 48,000 crore in equities in December 2020, are already net buyers with inflow of nearly Rs 13,000 crore so far in January.   

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DSIJ Mindshare

Index trend and stocks in action February 01, 2018

Karan DSIJ / Article rating: No rating

Going forward, immediate support for the index is placed in the region of 10,970-10,990, followed by 10,900. On the upside, the level of 11,172 would be crucial to watch, as a move above this level would lead to an extension of the current leg of the upmove. Top stocks to watch out: Godrej Properties, Bharti Airtel, Hindustan Copper, Fortis Healthcare, Time Technoplast, Wipro, Phillips Carbon Black, Nocil and SBI. 

After initial range-bound movement, expect volatility as Union Budget unwinds

Karan DSIJ / Article rating: No rating

Indian equity benchmarks are expected to make a muted start on Thursday, and until the Union Budget proposals start rolling in, we expect range-bound movement and lots of volatility would be seen with the progress of the session. The big question is whether the FM would maintain the reformist fervour or he would prefer to add a tinge of populism to the budget. The Lok Sabha election in 2019 and the some crucial state elections coming up this year could see the budget tilting more towards populism.