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Below is the Views On Rural and infra related themes are likely to do well ahead of budget By Mr. Santosh Meena, Senior Analyst, TradingBells
After a roller coaster ride of last week, this week remained calm with positive bias where outperformance of Midcap and Smallcap was a key highlight of last week. Nifty and Sensex both are trading at all-time high while Bank Nifty is trading with some distance from its all-time high because of the rise in inflation, weak numbers from IndusInd Bank and rejection of review petition of telecom companies by the supreme court led selling pressure in the banking space.
HDFC Bank, Reliance Industries and TCS will react on their Q3 numbers on Monday while Federal Bank, Kotak Bank, Havells, Zee Ltd, ICICI prudential life insurance, SBI Life insurance, Asian paints, Axis Bank, RBL Bank, L&T, PVR, Biocon, Canara Bank, Bank of Baroda, Ultratech cement, and JSW steel will come out with their Q3 results next week.
Midcap and Smallcap spaces are likely to continue their outperformance where a sector-specific move can be seen on pre-budget news flows. Rural and infra related themes are likely to do well ahead of budget as generally, expectations remain high for rural and infra sectors from the budget.
Pharma sector did extremely well in Friday's trading session and Nifty pharma chart is witnessing a very bullish formation with a closing above its 200-DMA therefore we can expect that pharma sector may continue to do well in the coming days.
Technically, the market is in bullish momentum where 12350-12400 is an immediate and important supply zone but the market is not showing any major weakness and if Nifty manages to take out this zone then it may head towards 12545/12700 levels in coming days. In the downside 20-DMA of 12226 is an immediate support level, below this 50-DMA of 12090 will be a major support.
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