01-01-1970 12:00 AM | Source: Religare Broking Ltd
Weekly Market Quote: Markets are pointing toward more pain ahead and the upcoming events viz Says Mr. Ajit Mishra, Religare Broking Ltd
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Quote on Weekly Market Outlook 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets finally ended a month-long consolidation phase with a breakdown and lost over 2% in the holiday-shortened week. The first two sessions were lackluster amid mixed cues however a sharp sell-off in the final sessions completely changed the tone. Consequently, both the benchmark indices, Nifty and Sensex, settled closer to the week’s low at 17,604.35 and 59,330.90 levels respectively.  Among the sectoral indices, energy, metal, banking and financials were beaten down badly however auto and FMCG managed to withstand the decline and ended positively. The broader indices too witnessed tremendous pressure and shed in the range of 2.7%-3.4%.

The coming week is going to be critical not only for the financial markets but for the economy as well due to the scheduled Union Budget on February 01. Besides, participants will be eyeing the outcome of the US Fed meet on the same day. On the data front, the auto numbers, manufacturing PMI and services PMI will also be in focus.

As the earnings season gain pace, a lot of major names like LT, ACC, Sun Pharma, HDFC, ITC and SBI will report their numbers during the week along with several others.

Markets are pointing toward more pain ahead and the upcoming events viz. Union Budget and US Fed meeting outcome would keep the volatility high. We are now eyeing the 17,250-17,400 zone in Nifty and any rebound towards the 17,750-18,050 zone would attract selling pressure. Since the pressure is broad-based, the focus should be more on risk management. Investors, on the other hand, can start nibbling selectively as some stocks across sectors are offering good bargains after the recent sell-off.  

 

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