All eyes are on the Nifty on whether it will scale a new peak on Friday. The Nifty is likely to open on a strong note on Friday, the beginning of the new series in the F&O segment. The SGX Nifty is currently at 15,471, against the Nifty June futures’ close of 15,401, indicating a 70-point gap-up opening. The spot Nifty on Thursday registered the highest closing of 15,337.85, breaching the previous peak of 15,313.45 (on February 16).
Analysts said the undertone of the market remains strong. Even if benchmark indices move in a range, one can expect stock-specific activity in the mid- and small-cap space, which may outperform the benchmarks in the next few days, they added.
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According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, the overall structure of the market remains positive as investors are upbeat about unlocking of the economy in June, which will help revive commercial activities. Technically, Nifty is poised towards an upmove to its life-time high of 15,431 and 15,500 zones, while on the downside support exists at the 15,200-15,150 zones. Hopes of further stimulus by the government is bolstering investor confidence.
While Asian markets are ruling firm in early deals on Friday, US stocks ended on a mixed note overnight.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said: “The short-term trend of Nifty continues to be positive with range-bound action. The emergence of volatility near the hurdle and the overall chart pattern could hint at the possibility of a minor reversal around 15,400-15,500 levels in the next couple of sessions. On the other side, a decisive move above 15,500 is likely to negate this bearish bet. Immediate support is placed at 15,250 levels.”
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3M India, Aditya Birla Fashion and Retail, Action Construction Equipment, Ador Multiproducts, Ador Welding, Arvind SmartSpaces, Aurionpro Solutions, Bengal & Assam Company, Camlin Fine Sciences, Confidence Petroleum India, Dilip Buildcon, Deepak Fertilisers & Petrochemicals Corporation, Force Motors, GMM Pfaudler, Glenmark Pharmaceuticals, Genus Power Infrastructures, Gulf Oil Lubricants India, Heidelbergcement India, ITD Cementation India, Indian Bank, IPCA Laboratories, Jagran Prakashan, Jindal Poly Films, Mahindra & Mahindra, Max Healthcare Institute, Munoth Financial Services, Navkar Corporation, Nazara Technologies, NCC, NESCO, OnMobile Global, Prataap Snacks, Rama Newsprint, REC, Reliance Infrastructure, SMS Pharmaceuticals, Shree Sudarshan Chemical Industries, Sumitomo Chemical India, Ujjivan Financial Services, V-Mart Retail, and Zuari Agro Chemicals will release quarterly earnings on May 28.