Nifty Consumption

The technical analyst recommends to employ 'sell-on-rise' strategy for Nifty Private Bank, Nifty Consumption indices in the near-term

According to the technical analyst, the Nifty Consumption index is likely to witness a pullback, and the support range of 7,036 - 6,980 is likely to provide a base for a technical bounce

The Budget has put more money in the hands of the people through relief from Income Tax, which is a very positive step, analysts said

If the moving average continues to bolster the index, the reversal could see most of the consumer index stocks performing better

For the coming few months, analysts expect the Indian consumers to forego big ticket retail purchases and opt for reasonably priced indulgences

The run up in stock prices, analysts say, could be a short-term phenomenon and the up move could get sold into as employees grapple with salary cuts and job losses in the quarters ahead

With festival season round-the-corner, companies are hoping for a pick-up in the overall consumption, which along with the cut in corporation tax, would aid earnings growth over the next few quarters

Britannia Industries, on the other hand, was trading nearly 5 per cent higher at Rs 2,656 apiece on the BSE.

At 11:51 am; Nifty Consumption index was up 0.77% at 5,106.85, less than 1% away from its all-time high of 5,154 recorded on January 9, 2018 in intra-day trade.