Red-hot market runs into resistance zone; investors may book profits
Following a sharp bounce in the market off its June lows, analysts have cautioned investors, seeing that the Nifty valuation premium has gone past 10% to its 10-year historical average
Topics
Markets | Nifty | Foreign Portfolio Investors
Sundar Sethuraman |
Last Updated at August 16, 2022 00:56 IST
The Nifty50 Index has ratcheted up gains in seven of the past eight weeks, soaring 2,405 points, or 15.7 per cent, during this period. The benchmark gauge last closed at 17,698. Although the momentum appears durable, the Nifty now heads into a key resistance zone of 17,700-plus levels. This could lead to a pull-back due to profit-taking by traders, observe analysts.
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First Published: Tue, August 16 2022. 00:56 IST
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