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Below is the Views On weekly note by Mr. Ajit Mishra Vice President, Research, Religare Broking Ltd.
Markets spent the last week consolidating in a range and somehow managed to settle with modest gains amid mixed cues. While the global cues were muted, earnings announcements and pre budget discussions remained in the focus. Mostly sectoral indices, barring banking, exhibited strength and ended with decent gains. The buoyancy in the midcap and smallcap space further added to the positivity. Among the benchmark indices, Nifty made a new record high and finally closed at 12,352.35; up by 0.78%.
In the coming week, the focus would remain on the earnings and news related to upcoming Union budget, in absence of any major global event. On the earnings front, big names like HDFC Bank, Kotak Mahindra Bank, ICICI Bank, ZEEL, Asian Paints, Axis Bank, LT, Ultratech Cement, HDFC AMC, ICICI Pru and JSW Steel will announce their results along with several others.
We reiterate our view that a decisive breakout above 12,400 would trigger a fresh surge in the Nifty else consolidation will continue. In case of any profit-taking, 12,200 and 12,000 would act as a support area. On the sectoral front, we suggest focusing more on pharma, which is set for a rebound after a prolong underperformance, and auto counters. After the recent surge, we might see the broader indices taking a breather but there’ll be no shortage of opportunities on the stock-specific front so focus should be more on stock selection.
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