Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty scaled fresh life highs on Friday rising for the third consecutive session to end at a record close. Sensex rose for the 11th day, the longest streak of gains since October 2007. At close, Nifty was up 0.44% or 89.3 points at 20192.4. Volumes on the NSE continued to be on the lower side. Broad market indices rose less than the Nifty even as the advance decline ratio fell but remained above par at 1.26:1.
Global equities rose Friday after better-than-expected Chinese economic data added to expectations that tightening campaigns by the world's biggest central banks were close to over. The Arm IPO optimism and China's further stimulus measures boosted sentiments.
Nifty continued its gradual move up on Friday with a 93 points intraday high low range. Post the making of fresh life highs, Nifty's upward momentum has been calibrated. On weekly charts Nifty gained 1.88% almost matching the previous week's rise. Nifty could now stay in the 19979-20340 band for the near term.