The huge delivery volumes in HDFC twins (Rs 2900 crores) indicate that selling in the stocks to abide by the 10% Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 28 June 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
There is renewed vigour in the market which bulls might utilise to take the Nifty to new record. The rise in the benchmark indices yesterday was mainly due to the surge in HDFC twins whose merger is likely to happen on 1st July. The huge delivery volumes in HDFC twins (Rs 2900 crores) indicate that selling in the stocks to abide by the 10% holding ceiling for mutual funds is getting absorbed by interested buying. This indicates that the stock, which was weighed down by concerns regarding the merger, is likely to do well post merger. This will help Bank Nifty also to move higher.
However, the high market valuation continues to be a concern for the near-term. Investors can book some profits at record highs.
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