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NIFTY Scales New Heights: Markets were on a roll last week and even though there was extreme volatility, they continued their upward march. NIFTY has made a new high this week effectively on every trading session.
Index Performance: NIFTY vs. BSESENSEX
However, the BSESENSEX has yet to cross the high of 73,427.59 points which was made on 16th January. The new high made on Friday on NIFTY was at 22,297.50 points while BSESENSEX reached 73,413.93 points, short of previous high by a mere 14 points. This makes one believe that sooner than later this would be breached and also confirming that NIFTY is yet to make another high on Monday or Tuesday.
Weekly Market Wrap-Up
At the end of the week, BSESENSEX gained 716.16 points or 0.99 per cent to close at 73,142.80 points while NIFTY gained 172 points or 0.78 per cent to close at 22,212.70 points. The broader markets saw BSE100, BSE200 and BSE500 gain 0.70 per cent, 0.76 per cent and 0.74 per cent respectively. BSEMIDCAP gained 0.01 per cent while BSESMALLCAP was up 0.82 per cent.
Intraday Volatility and Market Movement
Markets gained on three of the five trading sessions and lost on two. On Thursday, markets opened in the red but rallied smartly to close in the positive. The intraday movement on Thursday between the low and the close was 1,076 points on BSESENSEX and 342 points on NIFTY. If one compares this to the weekly gains, it’s almost 1.5 times on BSESENSEX and double on NIFTY. The markets had probably a sharp intraday correction.
Global Market Insight: Dow Jones Performance
The Indian Rupee gained 8 paisa or 0.10 per cent to close at Rs 82.94 to the US Dollar. Dow Jones gained in three of the four sessions and lost in one session. Dow gained 503.54 points or 1.30 per cent to close at 39,131.53 points.
New Listings and Market Sentiment
Shares of Vibhor Steel Tubes Limited which had issued shares at Rs 151, listed at the bourses on Tuesday, February 20. The primary issue from the company was of a very small size with a fresh issue of Rs 72 crore in the price band of Rs 141-151.
Upcoming Market Offerings: A Look Ahead
The week ahead sees the issue from Exicom Tele-Systems Limited tap the markets. The issue which opens on Tuesday, February 27, would close on Thursday the 29th February.
Investment Opportunities: Evaluating Market Offerings
For the fixed income category of investors there is an issue from Bharat Highways Invit which opens in the week ahead.
Market Outlook: Bullish Trends and Strategies
The current value of NIFTY is higher by 860.10 points or 4.03 per cent. The February series had begun at a level of 21,352.60 points. Currently, the Bulls have complete control of the series and there is no way that they would allow the series to slip out of their hands.
Navigating Market Volatility
Coming to the strategy in the week ahead, expect volatility and sharp intraday moves in both directions to be the order of the day. Trade with a positive mindset but keep on booking profits in sharp rallies. At the same time use sharp dips to buy and refrain from having large overnight positions.
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