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After the long-legged doji formation of the Thursday’s trading session, on Friday, the Sensex has formed bullish continuation formation by closing above the level of 47,800.

Benchmarks scale fresh peaks for 3rd day in a row
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Benchmarks scale fresh peaks for 3rd day in a row

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Mumbai: After the long-legged doji formation of the Thursday's trading session, on Friday, the Sensex has formed bullish continuation formation by closing above the level of 47,800. During the day, Sensex was at 47980. However, while closing, it came to 47,868 levels due to profit taking in private banks and NBFS.

"In the coming week, we could see the Sensex between the range of 48,500 and 47,500 levels. The strategy should be to buy on dips," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.

Valuation of many individual stocks and also stocks of 'inferior' quality are cause of major concern.

Continue to accumulate fundamentally sound stocks in the small and mid-cap space which haven't participated in this rally; go for 5 per cent to 10 per cent exposure to gold as an insurance to protect your assets on any possible major correction in the equities; and have tilt towards defensives in pharma, IT and mobile telecom stocks - in case, vaccines fail or new strains of corona virus go out of control, these stocks can provide some cushion to the overall equity portfolio, says Gaurav Khanna, VP, Research, Equinomics.

Kumud Das
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