Markets continued their uptrend, gaining over half a percent due to favorable cues. Despite a subdued start, the Nifty remained range-bound for most of the week, with buoyancy in the final session leading to decent gains.
The Nifty closed at 24,502, up by 0.73%. Sectorally, FMCG, IT, and pharma were top performers, while metal, realty, and auto sectors saw profit-taking. The broader indices paused after their significant performance and settled flat.
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In the coming week, attention will be on earnings and Union Budget updates, likely increasing volatility. Global cues, particularly from the US market where the Dow Jones Industrial Average (DJIA) reached a new high, are encouraging.
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Having surpassed the 24,500 hurdle, the Nifty could aim for the 25,000 mark if it can sustain that level. In the event of profit booking, we expect the index to respect the 23,900-24,250 zone. Despite the overall positivity, increased volatility during the earnings season and budget-related discussions are normal.
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Hence, a hedged approach is advisable, especially for overnight leveraged positions, along with careful monitoring of position sizes.
We recommend focusing on IT, energy, FMCG, and pharma for long trades. For themes like railways, defense, and other select PSUs, which have seen significant recent gains, traders should maintain extra caution and suggest trailing stop losses on the rise.
(About the Author: Ajit Mishra is SVP, Research at Religare Broking).
(Disclaimer: Views, recommendations, and opinions expressed are personal and do not reflect the official position or policy of Financial Express.com. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)
Today's the day GameStop announced earnings for the second quarter of its 2017 fiscal year, and while revenues climbed slightly it looks like profits fell as sales of both new and pre-owned games slipped. Come from South African Online Casinos
In terms of numbers, the company reported profits of $22.2 million on sales of $1.68 billion during the quarter, which ended July 29th. That's about $5 million less than the $27.9 million in profits on $1.63 billion in revenue it saw during the same period last year.
So what changed? GameStop says that while sales of new video game hardware rose about 14.8 percent (in large part due to continuing demand for Ninte…
Gamescom has already unleashed new trailers and game reveals, but for some players, the big attraction was a new Xbox Adaptive Joystick. Microsoft’s new controller is designed to help players with limited mobility jump back into the world of video games.
Via the Xbox official site, the Xbox Adaptive Joystick is a simplified version of the standard Xbox controller that has four regular buttons, as well as two more buttons that handle the bumper and trigger commands. However, the thumbstick is truly customizable for the needs of individual gamers. Microsoft has already designed a number of different thumbsticks that can be 3D printed and inserted into the Xbox Adaptive Joystick. At least one of the options allows players to use their chin to control the movement if their hands aren’…
Netflix has confirmed that it will not go ahead with six games it previously planned to release. A spokesperson for the streaming giant said the six games, including the Lord of the Rings game Tales of the Shire, are no longer coming out for Netflix Games due to a change in strategy.
The spokesperson told What’s On Netflix they aren’t being released as part of “adjusting our portfolio as we learn more about what our members like.”
