The Nifty50 after opening strong remained rangebound on the
positive side and extended gains in late trade to close higher on April 5 after
two-day weakness. Positive global cues, and buying in banking & financials,
technology and metals led the rally.The index closed above 11,650 levels and formed small bullish
candle which resembles a 'Spinning Top' kind of formation on daily candlestick
charts.Markets may consolidate further in the coming week Experts
advise investors not to burn their fire power in one go but instead use the
cash to get into markets on a dip, or in other words, deploy cash in a phased
manner.Market is showing some nervousness after rallying over 1000 points on
the Nifty. The price set up remain fundamentally strong, but there is some
nervousness as we hit fresh all-time highs. Fundamentally, the latest forecast
on monsoon made valid ground for nervousness and RBI also talked about the risk
to monsoon. But, there are still segments of the economy particularly banking
which will keep attracting buyers. Investors can start investing in a phased
manner ahead of elections, as well as there is some global uncertainty as well.
Stocks in news:Jyothy Laboratories shares gained 6 percent after global
brokerage firm Macquarie has initiated coverage on the stock with an outperform
rating.Godrej Properties rose 7 percent after the company increased its stake
in Wonder Space Properties and addition of a new residential project in Navi
Mumbai.Shares of Cipla rose more than 2 percent after it received establishment
inspection report (EIR) from USFDA for its Goa facility indicating closure of
the inspection.Balrampur Chini Mills gained 5 percent after the board approved
buyback of worth Rs 147.67 crore at Rs 175 per share.
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