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Macro-economic knowledge, earnings and world cues will affect Indian markets the subsequent week, say analysts. Among main earnings to be introduced this week are Bank of Baroda, Central Bank of India, BPCL, Hero MotoCorp, MRF and NTPC. Last week, the Sensex superior by 433.68 factors or 1.15 per cent and the broader Nifty gained 140.60 factors or 1.26 per cent.
“Going ahead, global cues and earnings would continue to dictate the market trend. Besides, macroeconomic data IIP and CPI inflation, update on vaccine trials and COVID-19 situation would be closely tracked by the participants,” Ajit Mishra, VP-Research, Religare Broking Ltd, stated.
Here is what analysts say:
Ajit Mishra, VP – Research, Religare Broking
“We’re mirroring global markets and indications are favourable so far. On the index front, Nifty needs a decisive break above 11,350 for further surge else consolidation will continue. In case of a decline. 11,000 would act as immediate support and next at 10,850. We suggest preferring index majors as they are easy to hedge and maintaining extra caution in the selection of stocks. While all the sectors are contributing to the move, the underperformance of the banking sector is still hurting the overall performance and any positive surprise from that front could help the index to surpass the recent high.”
Sameet Chavan, Angel Broking
“Although the market has managed to recover well, it would be a daunting task surpassing the sturdy wall of 11300-11350. Till the time it is not conquered successfully, we advocate some caution”
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
“The equity markets are likely to remain volatile, with more stock specific action as the earnings season progresses. Investors would watch out for China’s retaliation which could pull down the market while any announcement of US stimulus could bring some cheer. We also find the risk-reward unattractive at the current levels and we would advise investors to remain defensive in their portfolio approach. Traders on the other hand are advised to stay cautious and keep booking profit at regular intervals. Technically, Nifty index has got stuck in range but forming higher lows and supports are slightly shifting higher. If it manages to hold above 11150 it can to witness an up move towards recent swing high of 11333-11350 then 11500 zones while the support exists at 11100-11050.”
Jimeet Modi, Founder & CEO Samco Group
Nifty50 index continued to commerce within the vary of 10950 to 11300 for the third straight week and has now taken sort of a pause. The BankNifty index remained comparatively weak whereas mid and small cap indices outperformed. As the rally in heavyweights has taken a pause amidst weak point in banking majors, a consolidation is feasible earlier than the subsequent up leg. We preserve a cautiously bullish outlook for the close to time period until Nifty breaks under 10850 Traders are suggested to observe a purchase on dips strategy with 10850 as strict cease loss. (With Agency Inputs)
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