Street signs: Market uptrend intact, opportunity in TCS buyback, and more

Several brokerages are advising their retail clients to buy shares of TCS to benefit from the arbitrage opportunity created by its Rs 16,000-crore share repurchase programme

Market uptrend intact, say analysts

Rising Covid-19 infections globally and selling pressure in Reliance Industries and banking stocks led to some turbulence last week in the markets. However, technical analysts believe the bulls are still firmly in charge and the benchmark Nifty could even surpass 13,500. “The near-term uptrend status remains intact and upside momentum is expected to continue after this small dip in the market. A decisive and sustainable move above 13,000 levels (in Nifty) could open next upside targets of 13,500-13,600 in the near term. Immediate supports to be watched at 12,680-12,730 levels,” said Nagaraj Shetti, Technical Research Analyst,