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Rego remains positive on BFSI given its healthy growth outlook and earnings trajectory, with return ratios expected to remain healthy.
HDFC AMC recorded more than 3 percent gains to Rs 3,894.65, which is near the record closing high of Rs 3,903.85 of February 27 this year. The stock has formed bullish candlestick pattern on the daily charts with significantly higher volumes.
Over the next few days, the trend in the Nifty 50 index might remain sideways unless it breaks above the all-time high of 22,783.
An above-average monsoon will benefit cement players, who derive a significant portion of their revenues from rural housing, says the founder and fund manager of Green Portfolio.
ICICI Bank was the star performer in the Nifty 50 and formed robust bullish candlestick pattern on the daily charts with healthy volumes. The stock traded above all key moving averages now.