Nifty InstaView 11 Feb’21: One Stock Show

Index posts another positive daily close today alright but it was majorly contributed by only one stock - Reliance Inds. This index heavyweight gained over 4% today to help the index gain grounds on a day when majority of the banking and financial market stocks were down. So we should not get carried away by today’s positive move and should consider it with a pinch of salt. Today’s trading session was backed by above average volumes for which we have a shift in the Point of Control to 15,100 which will now act as the immediate support for the index. Strategically I feel one should be a little cautious and careful and not look to create any aggressive directional bias.

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