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Published on 23/12/2019 11:14:02 AM | Source: Religare Securities Ltd

We have been maintaining 12,300 as the immediate target for the Nifty By Mr. Ajit Mishra

Posted in Expert Views| #Religare Securities Ltd

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Below is the Views On weekly market note by Mr. Ajit Mishra Vice President, Research, Religare Broking Ltd.

The Indian benchmark had a weak start to the week in the absence of any major positive triggers on the domestic front. However, positive global cues such as successful closure of phase 1 negotiations on the US-China trade deal changed investors’ mood across the globe including ours. Later in the week, the GST council too provided relief to the markets, by choosing not to tamper with any rates (except for lotteries) despite pressure to boost revenue amidst shortfall. These factors drove both SENSEX and Nifty towards new record highs of 41,810 and 12,294 respectively.  During the week, both indices ended nearly 1.5-1.6% higher, albeit the rally was largely driven by major index stocks.

The coming week is a holiday-shortened one and we expect volatility to remain high due to scheduled derivatives expiry. In the absence of any major event on the local front, global cues will continue to dictate the market trend.

On the index front, we’ve been maintaining 12,300 as the immediate target for the Nifty and it has almost reached that mark. The upside seems capped for now and we expect Nifty to trade within 12,100-12,400 zone next week. At the same time, since we’re seeing rotation buying across the sectors, we advise focusing more on stock selection.

 

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