Tuesday, 23 May 2017

Nifty to open gap up at 9477, gain of 32 points: Dynamic Levels

Nifty to open gap up by 32 points at 9477.50 against yesterday's close of 9445 as per SGX Nifty, according to a report by Dynamic Levels.

Market is expected to trade range bound due to lack of any major triggers

Indian Market Outlook: Yesterday, the benchmark Index Nifty opened at 9480 made a high of 9499 and closed at 9438 after making a low of 9428. Selling pressure was witnessed after a gap up opening.

FMCG stocks led the pack of gainers, while PSU banks and pharma led the losers. FMCG stocks extended their rally for the second straight session on Monday, surging up to 14 percent, after the GST Council finalised rates for bulk of the items last week.

Shares of LT Food soared 13.84 percent, ITC (6.21 percent), Venkys (5 percent), Kohinoor (4.34 percent), Marico (1.79 percent), Britannia (1.31 percent), HUL (1.07 percent) and Dabur (0.54 percent).

Bank of India was down by 10.96 percent after the bank posted dismal numbers. State Bank was down 4.42 percent while Lupin and Divis Lab lost 4.42 percent and 3.3 percent each.

Bank Nifty traded weak throughout the day. The Index made a high of 22918 and closed at 22653 after making a low 22638.

Small cap Index continued its fall for the third day.The Index opened at 7435 and closed at 7265 afetr making a low of 7255.

Nifty to open gap up by 32 points at 9477.50 against yesterday's close of 9445 as per SGX Nifty.

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