Will the rally continue?

The markets had been closing in the red for the past 7 days. Sensex fell more than 8% and Nifty 8.5% in the recent downfall. The BSE Smallcap and Midcap index were down 12.15% and 11.08%. All BSE sectoral indices were trading in the red. The realty index was down 23.64%, metal -14.98%, Bankex -10.51%, and power -10.36%.

But today the markets seemed to have bounced back with a bang. Sensex today closed up more than 500 points at 15,912. Nifty closed 4,717 ending 146 points higher.

Instanex FII Index too was up by almost 3.2% at 3 pm, Instanex Top 15 portfolio was up 2.42% (+1.93% at 2 pm) and the Instanex Promoter 15 portfolio was up 2.27% (+1.74% at 2 pm). Asian markets were up as well – SET Composite was up 2.38% (+1.82% at 2 pm), Jakarta Composite closed 1.62% higher (+0.77% at 2 pm) and Straits Times closed 0.96% higher (+0.80% at 2 pm).

All the 20 components of the Instanex FII Index were up. Reliance Industries the index mover bounced back from its 200 DMA surging over 5%. Global markets too lead to today’s upmove.

JP associates soared more than 8% to Rs 210, and Hindalco surged 7.5% to Rs 117. DLF has gained 6.6% and made a close at 359.

But will the rally continue?
The answer depends on many factors, such as Global reactions, Domestic news, FII’s and DII’s infows. For the rally to continue we first need to take a pause at current levels for some time. Nifty is likely to see some consolidation in the coming days.

The next resistance for Nifty is at 4780, above this we could see 4860+.

Tags: Instanex FII nse bse index live, live instanex fii index, Next nifty support, nifty resistace, nifty views, nse bse tips, support levels, top stocks

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