Weekly outlook on Nifty, Sensex and Rupee By Mr. Anuj Gupta, IIFL Securities
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Below is Weekly outlook on Nifty, Sensex and Rupee by Mr. Anuj Gupta, Vice President, IIFL Securities
Last week optimism seen in the equity market as Good number shown by the companies and later on RBI increased interest rates by 50 point basis with positive note.
Sensexx increased by 1.42% and closed on 15 week's high level at 58387 levels. Nifty also increased by 1.39% and closed on 16week's high of 17397 levels.
Starting of fresh foreign fund inflows into the capital markets and softening crude oil prices also helped the indian equity markets.
The tone of the RBI policy was more hawkish than expected which also positive for the equity market. Ruppee has appreciated by 0.05% and closed at 79.22 levels. It touched 80.06 levels last month.
For next week we are expecting that equity market may trade on a positive note.
Nifty may find support at 17000 and than 16680 levels. Resustabce at 17750 and 18100 levels.
We are recommending buy in nifty for the possible target of 17750 to 18000 with the stoploss level of 16900 level.
Sensex support at 57200 and 56000 levels. Resistance at 59400 and 60200 levels. We are expecting it may test 60000 level very soon.
Rupee is also expected to appreciate in coming week due to the optimism seen in RBI policy discussion. It has a strong support at 78.50 and 78 levels. Resistance seen at 79.70 and 80.20 levels. It may test 78.50 to 78.40 levels in next week.
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