Commenting on the current market situation, Amar Ambani, Head of Research, IIFL said, “Christmas is round the corner but there are no signs of a Santa Claus rally here. After a good run from last week’s low of 7551, the Nifty failed to sustain at highs yet again. Index was range-bound for most part of the day. However, it resumed the descent in afternoon trades as profit booking was seen in Metals and FMCG stocks. The market remains uncertain with some kind of year-end fatigue setting in as action shifted to side counters. The indices have a tendency of astonishing investors. The rise on Monday was welcome but it lacked follow-up buying as the topsy-turvy ride continued with Nifty closing lower by ~50 pts on Tuesday. Market participants may choose to stay on the sidelines as we approach the holiday season. No major triggers are expected these days except trying to adjust to the global cues.”
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