Nifty opened gap up and traded higher throughout the session on back of pre-festive mood to close with gains of 117 points at 17,711 levels. Except PSU Banks and Realty, all sectors ended in green.Experts say that the positive momentum will continue in the near term with Nifty making a smart recovery in the last two sessions
However, experts say the impact might be less. “Holi being in the middle of the week, significant impact is less likely. Market is likely to acknowledge the fact that the recovery push is unfolding, after a sustained period of lull and gloom, and the key event risks that await in the latter part of the month,” said Anand James, Chief Market Strategist at Geojit Financial Services.
In a thin trading day, benchmark indices extended gains for the second session on Monday after strong economic data from the US and improved market sentiment due to a bulk deal in Adani group.
Nifty opened gap up and traded higher throughout the session on back of pre-festive mood to close with gains of 117 points at 17,711 levels. Except PSU Banks and Realty, all sectors ended in green.
Experts say that the positive momentum will continue in the near term with Nifty making a smart recovery in the last two sessions.
“India VIX too has fallen from 15 zones to 12 levels, thus supporting the positive sentiments. We expect this momentum to continue in the near term supported by positive global cues,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
On the derivatives front, James said a mid-week break will hasten time decay and would affect the flow for options traders, for the 9th March expiry.
“Given the event risks ahead, we expect questions to be asked on the approach to 17740 and 41700 for Nifty and Bank Nifty respectively, in the latter part of the week,” he said.
“The major concerns that prevailed in the market during the previous weeks were the fear of aggressive Fed policy action, which led to a rise in treasury yields and US dollar, and the uncertainties surrounding Adani. All of these have now shifted in favour of the bulls,” said Vinod Nair, Head of Research at Geojit Financial Services.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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