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Textile stocks make recovery despite low volumes
After remaining rangebound throughout the week (ended Thursday 19) at 5800-6100
levels, the Sensex lost momentum on Thursday. A slip of 170 points saw the Sensex
closing below 5900 levels at 5868 point. The institutional activity was pretty
weak with volumes remaining thin during the sessions.
The partial revival in the Sensex above 6000 levels was broken with the downfall,
technical market men believe the Sensex could witness a gradual fall up to 5500
levels in the near future.
In textile stocks, reliance witnessed a good run during the week, crossing Rs
600 levels and finally closing at Rs 581.3 on Thursday. Over the week, other
textile stocks witnessed selling pressure with Raymond, Zodiac, Pantaloon, Arvind
Mills closing lower. IPCL remained firm due to the forthcoming issue.
In coming weeks, the market is expected to remain at a low ebb. A downslide
to 5500 levels could be with some technical uptrends. It is expected that a
lull period till elections may continue which could see the market in a consolidation
phase between 5450 to 5970 levels. Investors are advised not to make additional
commitments for the time being.
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