After witnessing huge sell offs in the last week, today the Indian Stock market opened on a strong note. The market saw huge jump due to the positive news from the Global market and Gujarat assembly result.
For the third consecutive time, BJP has won the election in Gujarat. The election result had a positive impact on the market as well as on the Gujarat based companies, which opened on a strong note.
Sensex continued to trade strong for the rest of the session after opening at 19,308.20, up 145 points and witnessed strong buying pressure across the board especially in IT Stocks, which is facing the pain of Rupee appreciation. It gained 6.04%, or 260.98 points as compared to 3.34% on Thursday (December 20). Wipro and Infosys led the IT stocks higher.
Commenting on this, Vishwas Agarwal, Technical Analyst said that BSE above 19,750 would be a strong trading zone with a target of 20,150 and 22,222. He added that, since the expiry of F&O is coming closer, the frontline stocks will trade volatile. He further said that the overall market sentiment is positive and market has successfully managed to rebound after last week`s volatility.
When quipped about the outlook for January 2008, Vishwas said that the market will be very active as third quarter results are expected. He expects mid-cap stocks to continue the northward movement.
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