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Apart from world market cues, home fairness markets within the coming week will influenced by financial information and month-to-month auto gross sales numbers, say analysts. This week Indian markets posted robust features with each BSE Sensex and Nifty rising 2% every, supported by sturdy world sentiments and regular stream of FII cash.
The National Statistical Office (NSO) will launch the infrastructure output information for July and the GDP quantity for the April-June quarter on Monday. PMI information for manufacturing and providers sectors are additionally due.
“Next week, participants will be closely eyeing the auto sales number and GDP data for cues on how the economy is progressing. Besides, AGR case developments, monsoon progress and news updates related to COVID-19 would also be on their radar,” mentioned mentioned Ajit Mishra, VP-Research, Religare Broking Ltd.
Many analysts maintain constructive bias for the week. “Rollover data and the FIIs positions indicate bullishness and hence, traders are advised to trade with a positive bias and look for stock/sector specific buying opportunities from a near term perspective. If the index breaks the 11500 mark, then one should reassess the data and trade accordingly,” mentioned Ruchit Jain, senior analyst for technical and derivatives at Angel Broking.
Given the sharp motion within the fairness markets, the opportunity of some revenue reserving can’t be dominated out because the markets reopen after the weekend, says Joseph Thomas, Head of Research – Emkay Wealth Management. “Having said that the markets are likely to remain well supported over the near term on the back of plush liquidity and the gradually improving business lead indicators.”
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Ajit Mishra of Religare Broking mentioned the banking index has regained power after months of underperformance and “we do not see this fading anytime soon.”
“It may take a pause after the sharp rise but the bias would remain on the positive side and that in turn would help the benchmark index to hold at the higher levels and even inch higher,” he added.
Nirali Shah, Senior Research Analyst, Samco Securities, says: “Currently, markets seem to be in a position where it will be highly unlikely that any major movement will take place at the index level, however stock and sector specific rotations will be at an all-time high. Traders are advised to ride the rally and investors are recommended to stay put in equities and deploy surplus liquidity only when market corrects sharply.”
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