The stock market closed last week, witnessing the next phase of the uptrend. Bulls dominated the market reaching new heights every day.
Based on the technical analysis, the market is likely to reach new heights. The market closed last week on a very good note. The Nifty gained over 300 points last week. The metal index was up 8 per cent and the IT index was up 7 per cent this week. The Nifty has a resistance of 14,370 points but is expected to cross it next week. The next resistance is at 14,890 and the Nifty is supported at 14,000.
TCS’ third quarter results and global forecasts released on January 8 will weigh on the market for next week. TCS’ third quarter performance is excellent. Leading companies such as Kotak Mahindra Bank, Infosys and Wipro are expected to post third quarter results next week.
Ultimately cash flow is the factor driving the market boom. Therefore, investors in this market should follow the method of buying with each fall.
Futures and options can be traded on the Nifty Financial Services Index from January 11. Currently, Nifty Bank Nifty are the only indices available for futures and options trading. The Nifty Financial Services Index includes banks, housing finance, insurance, NBFCs and other financial services companies. Twenty stocks are currently listed on the Nifty Financial Services Index.