Buoyed by banking and financial stocks, the domestic market opened marginally higher, bucking trends on SGX Nifty as the benchmark indices extended gains for fifth straight session on Monday.
Anand James – Chief Market Strategist at Geojit Financial Services, on Nifty outlook said standing in the way of a 17000-17500 run is the 16720-850congestion region which is likely to turn upswings lower early this week.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the fall in crude from the recent high of $140 to below $110 and declining trends in most metal prices indicate that the feared high inflation may not materialize.
It will be interesting to watch when the government will hike the domestic fuel prices,” said Mohit Nigam, Head – PMS, Hem Securities.
On the Technical front, the key resistance level for Nifty50 is 16,700, followed by 16,800 and on the downside 16,500 and 16,350 will act as strong support, said Nigam.