Weekly Market Quote: We expect the prevailing trend to continue Says Mr. Ajit Mishra, Religare Broking
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Quote on Weekly Market Outlook 26 November 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets resumed uptrend after taking a breather for a week and gained over a percent, tracking firm global cues. After the subdued start, the benchmark indices gradually inched higher as the week progressed and settled around the high. Consequently, Sensex made a new record high at 62,447.73 level and Nifty is just inches away from that milestone as it settled at 18,512.7 levels. Among the sectoral pack, banking, IT, financials and auto contributed majorly to the surge and buying interest in the broader market in final sessions also added to the positivity.
In the coming week, participants will be focusing on key macroeconomic data viz. GDP numbers, Core Sectors Data, Manufacturing and Services PMI for cues. Besides, with the beginning of the new month, auto sales will also start pouring in from December 1. Apart from the domestic data set, the performance of the global indices especially the US will remain on the radar. Importantly, the major average of US markets, Dow Jones Industrial, has reached the critical hurdle of the previous swing high of around 34,300 and its break could further fuel the rally.
We expect the prevailing trend to continue and expect Nifty to scale 18,700 first and then to a new milestone of 19,000. On the downside, the 18,100 zone would provide the needed support in case of any dip. Amid all, it would important to see how the broader market participation pans out as that would play a critical role in strengthening the trend. While we’re seeing mixed participation across sectors, we reiterate our preference for banking and IT and suggest remaining selective in others.
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