The markets remained resilient and scaled record highs on Monday with more than 7 Nifty stocks also hitting their fresh record highs, including heavyweight Reliance Industries. The Sensex ended higher by 281 points, while the Nifty gained 81 points to end at 22,122.
“Overall we expect the market to continue its upward momentum while taking support from global cues. US Fed meeting minutes that would be released during the week, would hold importance after the US reported above-expectation CPI and PPI data which dampened sentiments,” said Siddhartha Khemka of Motilal Oswal Financial Services.
On the technical front, Osho Krishnan of Angel One, says, “Markets are at new highs but the major contributor, banking, remains a laggard. Unless we see a decisive breakthrough from this space in the next couple of sessions, we may not see enough strength in Nifty to continue its trajectory in the upward direction. So from hereon, if we have to foresee higher levels like 22400 – 22600, the banking needs to chip in. If it fails to do so, we may either see a consolidation in benchmark and stock-specific movement would continue, or else it would be difficult for the bulls to maintain their dominance.”
Foreign Institutional Investors on Monday offloaded shares worth Rs 754 crore in the cash markets. On the other hand, flows from DIIs continued to remain positive as they added shares worth Rs 452 crore, provisional data from exchanges showed.
Top stocks to watch today are Whirlpool, Kotak Mahindra Bank, NBCC India, Vibhor Steel Tubes.
