12984In view of reduced inflation and expenses, will it be right to invest in IT stocks?
Experts see current move in the markets to extend further towards 15,300-15,400levels on the Nifty in near term
Reliance Industries was top mover in the Sensex, the stock surged as much as 5.4% to Rs 2,219 after its telecom arm Reliance Jio cornered over half the telecom spectrum auctioned by the government, offering about Rs 57,123 crore.
Tata Steel was top Nifty gainer, the stock rose over 5%. Bajaj Finserv, Bajaj Finance, UPL, Hindalco, HDFC, ICICI Bank, JSW Steel, SBI Life and Axis Bank also rose between 3-5% in trade today.
On the flip side, Bajaj-Auto, Maruti Suzuki and M&M were the only index laggards.
The Nifty Metal index was the top sectoral gainer, up 3.34%, followed by Nifty PSU Bank index. The Nifty Auto index was the sole sectoral loser.
Here’s how experts believe the markets are likely to trade tomorrow
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
Nifty continues to remains in a medium term uptrend. We believe any meaningful correction is an opportunity to buy for 16,000 and higher. Immediate range is seen at 15,000-15,500. Auto and Banking stocks look attractive at current levels; IT stocks also expected to trade with positive bias
Rohit Singre, Senior Technical Analyst, LKP Securities
One more positive session and index closed a day with supreme gains of more than two per cent at 15,240 zone and formed a bullish candle for the third consecutive day.
Bullish candle pattern showed a fantastic impact so far, going forward 15,150 will act as strong support followed by 15,100 zone if managed to hold above-said levels we may see current move to extend further towards 15,300-15,400 zone in near term