Markets Locked In Narrow Band, Says Analyst

The benchmark stock indices erased early gains to end lower on Friday.

<div class="paragraphs"><p>Source: Freepik</p></div>
Source: Freepik

It will be better to do stock-specific investment as there has not been any significant rally and it is very difficult to trade currently, according to Aditya Agarwala of Invest4Edu Pvt.

Although the NSE Nifty 50 has broken the hurdle of 22,150 or 22,200, whenever it comes near the 22,300 mark, the index experiences selling pressure, the Invest4Edu head of research and investment said.

"I feel that the markets are locked in a narrow band... 22,000 at the downside will act as immediate support and 22,300 will be an immediate hurdle," he told NDTV Profit.

On a stock-specific front, Agarwala recommends Sun TV Network Ltd. and Indiabulls Housing Finance Ltd.

The benchmark stock indices erased early gains to end lower on Friday. On a weekly basis, the Nifty ended with a record closing level of 22,212.7, or 0.78% higher, while the S&P BSE Sensex closed nearly 1% up.

The Nifty claimed a new historic peak but struggled to hold ground near the all-time high, according to Avdhut Bagkar, technical and derivatives analyst at StoxBox.

"The index perceived selling pressure near 22,300. Struggling to surpass this sell-off, the index slid towards the 22,200 level in the last hour," Bagkar said.

Chakri Lokapriya, managing partner at RedStrawBerry LLP, said it was "welcoming" to see Non-Executive Director Kumar Mangalam Birla talk about continuing to invest in Vodafone Idea Ltd. "That has created enthusiasm in markets and for the company as well."

Vodafone Idea, which plans to consider a fundraising proposal through multiple instruments in a board meeting next week, requires a capital infusion for the next level of spectrum growth and rollout of data, according to Lokapriya.

Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.

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