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Market setup: Will buying in Infosys, TCS, and HDFC twins lift Nifty higher?

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Market setup: Will buying in Infosys, TCS, and HDFC twins lift Nifty higher?

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On Wednesday, largecap IT – Infosys and Tata Consultancy Services (TCS) - ended at their respective day's high and HDFC twins ended on a higher note as well. Follow-through is going to be important for these stocks as this is where the FII selling is largely concentrated.

For the last couple of days, things are heating up for the Indian market. Trading on Wednesday saw quite a bit of recovery - FII selling was down and HDFC twins were stable. Global cues are more or less stable and the SGX Nifty is indicating that the market may start today above the 200-day moving average (DMA).
The Nifty50, on Wednesday, reclaimed the 17,000 mark - a level it had lost the previous day after one month - and crossed its 50-day moving average.
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The market texture depends on whether it has follow-through or not in three-four heavyweight names, which dragged the markets on Monday and Tuesday. On Wednesday, largecap IT – Infosys and Tata Consultancy Services (TCS) - ended at their respective day's high and HDFC twins ended on a higher note as well. Follow-through is going to be important for these stocks as this is where the FII selling is largely concentrated.
One should be watching out for two levels on the market on a close basis – 16,950 or 17,315. Whichever side the Nifty chooses to close, either below 16,950 or above 17,315 the market has a clear texture.
Watch the accompanying video of CNBC-TV18’s Anuj Singhal for more details.
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