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Published on 2/12/2019 11:32:19 AM | Source: Religare Broking Ltd

Weekly note by Mr. Ajit Mishra, Religare Broking

Posted in Expert Views| #Expert Views

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Below is the Views On Indications are pointing towards some profit-taking initially but the bias would remain positive By Mr. Ajit Mishra Vice President, Research, Religare Broking Ltd.

Markets surged strongly and made a new record high, thanks to supportive global cues and renewed buying interest from foreign investors. The beginning was upbeat mainly in response to a possible trade deal between the US and China. However, volatility remained high throughout the week as participants were busy in rollover and unwinding of their derivatives positions. Amid all, the profit-taking in the final session marginally trimmed the gains. Among the benchmark indices, Nifty settled at 12,056.05; up by 1.19%.    

The coming week is an eventful one as participants will first react to the GDP numbers, which came in line with the expectation. Besides, the outcome of RBI’s monetary policy is scheduled on Thursday i.e. on December 5 and the majority expect further cut in the interest rate however their commentary on future rates would be closely watched. Auto and cement month sales will also start pouring in from December 1. On the global front, the US-China trade talks will remain in focus.    

Indications are pointing towards some profit-taking initially but the bias would remain on the positive side. We’re eyeing 12,300 in Nifty and in case of any decline 11,800-11,900 zone would act as a cushion. Amid all, we expect broader markets to do well thus traders should focus more on the stock selection.

 

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