Business

Market enters overbought zone

Mumbai: The Sensex on Monday moved up by 145 points, or 0.26 points,  to a fresh closing high of 55582 and the Nifty-50 moved up to close at 16563 up by 33.95 points or 0.21 per cent.

Though the market has surged higher since the beginning of August to new record highs, rotational profit booking in the broader market, also triggered by BSE's price cap regulation for small- cap stocks, has led to overall market capitalisation remaining at the same level (Rs 240.37 lakh crore) as on August 2 (Rs 240.04 lakh crore).

It's time to rebalance portfolio, book profit and reallocate money to safer asset classes as the market has entered an overbought zone. The global cues are no more looking supportive as the Indian market  outperformed Asian peers.

"The Nifty is currently outperforming compared to most of the global markets and is currently sustaining the highs without showing any damage to its underlying trend. The overall market breadth was down on Monday,”  said Nagaraj Shetti, an HDFC Securities analyst.

Source:

www.deccanchronicle.com

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