IGI Logo

Views On Half of Nifty 50 stocks yet to regain after Budget by Anand James - Chief Market Strategist, Geojit Financial Services

 In total, 23 stocks out of 50 have lagged in recouping their budget-day highs 

"Heavy weights from IT (TCS and Infy) and Banki-ng (HDFCBANK and ICICIBANK) along with Oil Major Reliance drove Nifty up this week. Top 10 stocks in Nifty50 in terms of weightage, have moved up  an average ~1% this week till Thursday with last two days contributing more to the positivity. 54% of Nifty50 stocks are trading below the wall of worry posed by 50DMA, but the index has closed just above this key MA, retaining the positive bias. Historically, major index moves are often triggered by a handful of stocks, whose positivity ultimately spurs other stocks to aim higher. VIX under 13 is also suggestive towards traders getting comfortable with levels above 18k, even though volatility skew hints at an increase in bearish bets. Kotak’s potential entry into the FTSE is also looked forward to"

Above views are of the author and not of the website kindly read disclaimer