Fwd: Nifty Weightage can leadership change
Prabhakar A.K
Nifty view daily basis doesn’t suit my style of working so would give updates when needed only.
Nifty Weightage can leadership change
INFY can replace ITC as largest free float market cap in NIFTY ( as both have around Rs.1,70,000crs as Market cap) which would fluctuate in short term while leadership can if changes will lead to additional flows, one has to take note.
INFY Today made all time high crossing Rs.3499 after 35months of consolidation and as already stated on 20th November mail INFY closing above 3500 then target in next 11-13Months can be Rs.4380 & 4630.
While FMCG Stock ITC & HINDUNILEVER made all time high in July 2013 after which ITC has corrected almost 17% from highest close (24th July) while INFY has rallied 18% which has narrowed the gap.
Note- TCS is the highest Market cap with above Rs.4, 07,000crs but as ITC & INFY are widely held companies they dominate the Index more.
Update-
IDFC Buy given 19th December; Company has said it would bring down FII’s stake to 49.9% currently 54% as per exchange filing which would impact our short term view, so traders should Exit. IDFC not eligible for bank license as foreign holding exceeds 50 %( ET)
INFY Chart- INFY & MARUTI have made all time high in December2013 after a good consolidation next 12months Outperformance could be from these stocks. What moves higher moves even higher
A.K.Prabhakar