Unlike Thursday’s trading session, the broader market also participated with the smallcap index rallying 0.5%. Among bluechips JSW Steel shares rallied over 3% while other metal stocks like Hindalco and Tata Steel were also trading 2% higher.
The rally in metals came after global brokerage Macquarie released a bullish note on the sector citing resilient domestic fundamentals and easing inputs costs. While raising JSW Steel to outperform rating, it has hiked target prices of Coal India, Tata Steel and Jindal Steel and Power.
IIFL Finance shares rallied 12% after RBI lifted restriction on its gold loan business. Vodafone Idea shares continued to slump and were down around 3%.
IT stocks failed to bounce back and were trading lower for the third straight day.
Expert Take
Nifty is expected to trade within the 25,000-26,000 range, with key resistance at 25,500, analysts say.
“With strong market momentum, Nifty looks primed for gains. Stock picks include Titan (CMP ₹3,781) with a target of ₹3,951, and Oberoi Realty and Naukri, both offering bullish potential on intraday weakness,” said Prashanth Tapse of Mehta Equities.
This week, Bank Nifty is up 2% against Nifty’s rise of 0.2%.
“Weakness in the broader market on valuation concerns is another important trend. These trends are likely to continue,” said Dr. V K Vijayakumar of Geojit Financial Services.
More to come…
