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| Mkt may rally after consolidation in nxt few days: analysts |
| Press Trust of India / Mumbai Sep 17, 2009, 18:05 IST |
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With the National Stock Exchange benchmark Nifty crossing the 5,000 mark first time in about 16 months, analysts feel that the market will continue to rally after consolidating for the next few days at the current levels.
"Most of the frontline stocks have participated in the rally, which shows that the cycle is in proper shape. However, the market is in overbought situation and profit taking would emerge around the 5,000 mark," Kotak Securities Senior Vice- President (Technical Research) Shrikant Chouhan said.
Echoing similar views SMC Global Vice-President Rajesh Jain said: "Over the next 4-6 days we see the market consolidating around 4,800-5,100 mark. Although there would be some profit taking at the higher level, we expect the rally to continue."
Firming up on upbeat Asian cues, the domestic stock market today witnessed an upsurge in the morning trade, however, profit booking emerged towards the end of trade which led the market to close flat.
The NSE 50-share benchmark Nifty crossed the psychological 5,000 mark in the morning trade, first time since May 13, 2008, on upbeat sentiment about US retail data and strong growth in advance tax payment by India Inc which raised expectations of good set of second quarter results.
"Nifty at 5,000 is a major psychological kick for investors as international markets are also strong. Profit booking will come in the market at this level and at current level there is sufficient liquidity in the system," Unicon Financial Chief Executive G Nagpal said.
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