Market is taking support at 11600 regions. After yesterday’s election outcome and subsequent spike in volatility, Nifty was relatively calm today. Although there was a sharp rise early morning & a failure to hold on the gain, the broader market did not violate yesterday’s low & put up strength towards closing. It settled at 11844, up 187 points or 1.605 from previous close.
It is yet another life high on closing basis, both on daily & weekly time frames. Trends are no doubt up but high volatility makes it difficult to view. Moreover, we also note the breakout gap that occurred earlier this week.This is the region (11426-11591) where prices are expected to find demand & subsequent support in near future.
Among individual stocks, we continue to favor NBFCs like Bajaj Finance & Bajaj Finserv & they are outperforming.In short term, HDFC Bank & IBRealEstate are also likely to ascend & can they be traded from long side.
