The NSE Nifty continued to hover around its psychological 5600 mark. All sectoral indices were trading in green. The BSE FMCG index has outperformed other sectoral indices, rising over 2%. Metals, power, IT and banking stocks too have surged.
The BSE broader indices - midcap and smallcap were up by nearly 1% each.
Ambareesh Baliga, COO, Way2Wealth says the pullback is due to short covering. “The current rally may not be sustainable."
He further says because of futures and options expiry tomorrow theNifty may go towards 5,600-5,650. But he doesn’t see the index moving beyond 5,600-5,650. There will a dip in the market and people should use that dip to buy. He reiterates his prediction of a bull run post August-September."
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