The market saw a gain of over 2 per cent in the week ended January 14 amid buying in power, realty sectors and mid-smallcap stocks. Last week, the Sensex closed at 61,223.03, up 1,478.38 points (2.47 per cent), while the Nifty gained 443.1 points (2.48 per cent) to end at 18,255.8. Talking about the sectoral index, BSE Power Index gained 7.4 percent, Capital Goods Index gained 6 percent, Realty Index gained about 5 percent and Information Technology Index rose 3 percent.
Broader indices outperformed major indices with BSE Midcap and Smallcap indices rising 2-3 per cent.
Over 100 smallcap stocks gained 10 to 47 per cent last week. These mainly include Gujarat Mineral Development Corporation, Ajmera Realty, Greaves Cotton, Deepak Fertilizers, BCL Industries, Kellton Tech Solutions, Urja Global, Vikas Lifecare, Dollar Industries and India Nippon Electricals etc.
This multibagger penny stock gave bumper returns, 1 lakh became 4 crores in 10 years, what do you have
On the other hand, GNA Axles, BGR Energy Systems, Shriram EPC, Hikal, Mahanagar Telephone Nigam, Kilpest India and Vishwaraj Sugar Industries declined by 8-25 per cent.
Know about the market for Monday from Amol Athawale of Kotak Securities
Amol Athawale said that the market texture is bullish but due to excessive bullishness, the market may consolidate between 18,050 and 18,375. There will be immediate resistance for the bulls at 18,375-18,400 and if a breakout occurs above it, it can move towards the 18,500 level.
On the other hand, strong support is seen at 18,150, if the index closes below it, then Nifty can again touch the level of 18,050-18,000.
Bank Nifty has completed a correction phase and is currently taking support at 9-day SMA. According to its structure, it will trade in the 38,000 and 37,500 strong support zones. If it goes above it, it may continue the rally towards 39,000-39,300.
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Vishal Wagh of Bonanza Portfolio Market outlook for the next week
Vishal Wagh said that Nifty will see good short term support for the upcoming trading sessions at 18,000-18,080 levels and on the upside it will see immediate resistance at 18,340 levels.
Anyway, traders will be looking forward to the upcoming budget session as they prepare themselves for volatility and book profits ahead of any major event. However, the broader structure of the index still remains in favor of the bulls.
(Disclaimer: The views and investment advice given on moneycontrol.com are the personal views and opinions of investment experts. Moneycontrol advises users to consult a certified expert before making any investment decision.)