Global cues were positive after Wall Street closed in the green on Friday and major Asian stock markets mirrored the up-move during the early hours of trade.
The Rs 619 crore IPO of Tega Industries was subscribed to by investors a whopping 219.04 times.
“Nifty immediate target is seen at 17,650around which some resistance can be expected.
A positive closing after forming a bullish candlestick pattern indicates a confirmation for the said pattern.The lower high lower low formation will be neglected only above 17700 levels till then this can be considered as a short term pullback.
Hence, this consolidation movement at the important resistance could eventually result in an upside breakout of the resistance in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The coming week is going to be critical for the markets as we have some important data and events are lined up.
Domestic macroeconomic data announcements and the US Federal Reserve’s interest rate decision are the major events to drive sentiments in the equity market this week, analysts said.