Below is the Quote On weekly note by Mr. Ajit Mishra, VP Research, Religare Broking
Markets managed to settle with modest gains last week amid mixed cues. It was a roller coaster ride from the beginning as the fear of the second wave of COVID-19 cases in other countries and rising cases in India kept the markets volatile. Further, geopolitical tension between India-China added to their worries. Amid all, sustained buying interest in select index majors helped the benchmark to inch higher and retest the major hurdle of the long term moving average (200 EMA) as well. Consequently, the Nifty index ended the week around 10,400; up by 1.4%.
In the coming week, we believe global cues will continue to dictate the market trend, in the absence of any major domestic event. Besides, macroeconomic data and auto sales figures will also be on the participants’ radar. Needless to say, they would continue to keep a close eye on India-China border dispute and any news of fresh escalation might not go well with the markets.
We expect further consolidation in the Nifty index ahead and probable range could be 10,050-10,550. On the sectoral front, we’re seeing rotational buying interest across the board thus traders should focus more on stock selection and prefer hedged positions until Nifty resumes the trend
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