Religare Broking Limited

Published on 23/10/2020 10:13:08 AM

Nifty Outlook

Markets traded lackluster in a narrow range and ended lower amidst weak cues. Initially, feeble global cues were weighing on the sentiment but failed to trigger any major fall. Consequently, the Nifty index settled at 11,896; down by 0.4%. In between, movement in the broader market kept the participants busy wherein both Midcap and Smallcap index ended higher by 0.6% and 1% respectively. On the sector front, Telecom, Capital Goods and Metals were the top gainers whereas IT, Banking and Healthcare ended with losses.

Markets are currently seeing time-wise correction after a phenomenal recovery and we feel it’s healthy for the markets before the next directional move. However, traders are facing tough times due to recent consolidation in the index while stocks are witnessing volatile swings due to the prevailing earnings season and mixed global cues. We suggest limiting naked leveraged positions in such a scenario and preferring hedge positions. Investors, on the other hand, should use this phase to accumulate quality stocks on dips.

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Religare Broking Limited

Published on 21/10/2020 11:54:59 AM

Nifty Outlook

Markets traded range bound and ended marginally higher amid weak global cues. The benchmark opened in the red but buying in the select index majors especially from IT and banking majors pared the losses in no time. It hovered range-bound thereafter and movement on the stock-specific front kept the participants busy. Finally, The Nifty index settled at 11,897 levels. The broader markets too performed largely in line with the benchmark wherein both Midcap and Smallcap ended higher by 0.5% and 0.3% respectively. On the sector front, Realty, Telecom and IT were the top gainers whereas Oil & Gas, Power and FMCG ended in the red.

Markets are closely following global cues and indications are still mixed from that front. Despite the positive bias, we might continue to see volatile swings so traders should prefer hedged positions and maintain their focus on the selection of stocks.

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Religare Broking Limited

Published on 19/10/2020 10:37:52 AM

Nifty Outlook

Markets took a breather after yesterday’s fall and managed to close half a percent higher. Despite mixed global cues, the benchmark witnessed a positive start, followed by the range -bound move till the end. Amid all, movement on the stock-specific front kept the participants busy wherein the metal and select banking stocks witnessed a strong rebound. The Nifty index finally settled near day’s high at 11,763 levels, up by 0.7%. The broader market indices too showed some resilience and posted decent gains.

Indications are in the favour of consolidation in Nifty thus we suggest continuing with the stock-specific trading approach and maintaining positions on both sides. However, it’s easier said than done due to prevailing choppiness. Meanwhile, global cues will be on the radar as US elections are just around the corner as well as the second wave of Covid-19 infection has led to more lockdown and restriction. Any further rise in restrictions could severely impact investors’ sentiments.

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Religare Broking Limited

Published on 16/10/2020 11:53:47 AM

Nifty Outlook

Markets witnessed a sharp sell-off in today’s session following global peers. Investors’ sentiments were largely impacted as US fiscal stimulus would get delayed until elections. Also, the second wave of Covid-19 infection led to strict restriction and lockdown globally majorly in Europe added to their worries. On the domestic front, the benchmark indices opened flat and gradually inched lower in the first half however decline in IT, banking and energy majors intensified the fall as the session progressed. Consequently, Nifty settled near 11,680 levels, down by 2.4%. The broader markets too ended lower in the range of 1.5-1.8%.

This fall has engulfed the gains of the last six sessions and derailed the momentum as well. We believe 11,600 would be the next critical support in Nifty. Considering the scenario, we suggest maintaining short positions also and limiting trades largely to the index majors. Besides, participants should keep a close watch on global developments for cues.

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Religare Broking Limited

Published on 15/10/2020 11:59:33 AM

Nifty Outlook

Markets ended the modest gains amid volatility. Initially, the benchmark indices opened in red on the back of unsupportive global cues. Besides, the news of IMF lowering its growth forecast for India for the second time in four months was also weighing on the sentiment. However, a sudden surge mainly in the banking and financial counters changed the tone and helped Nifty to pare all its losses and close near 11,970 levels. On the flip side IT, Oil & Gas and Power traded subdued.

The rebound is on the expected lines and we expect further surge ahead. Participants should keep a close watch on earnings announcements as well as global markets for cues. We reiterate our view to maintain extra caution in the selection of trades due to limited participation and prevailing volatility.

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Religare Broking Limited

Published on 14/10/2020 10:08:58 AM

Nifty Outlook

Markets remained range-bound for the second day in a row and ended almost unchanged. Mixed global cues and weak macroeconomic data was weighing on the sentiments. After the initial up move, the benchmark gradually inched lower however buying interest in select index majors capped the damage. Consequently, the Nifty index settled on a flat note at 11,935 levels. A mixed trend was witnessed on the sector front, wherein IT, Energy and Metals were the top gainers while Healthcare, Finance and Consumer durable were the laggards.

The broader market indices remained lackluster and ended lower in the range of 0.1-0.3%. We feel it’s a healthy pause and suggest using further dip to create fresh longs in the index. Nifty has immediate support at 11,800. Stocks, on the other hand, are witnessing erratic swings but it’s not new during the earnings season. Traders should plan their trades accordingly and prefer large-cap over others.

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Religare Broking Limited

Published on 13/10/2020 10:16:16 AM

Nifty Outlook

Markets settled almost flat in a volatile trading session, taking a breather after the recent surge. The benchmark started with positive momentum led by optimism in global markets however profit-taking at higher levels gradually trimmed the gains as the session progressed. Even the announcements made by FM to stimulate consumer spending and capital expenditure failed to cheer investors’ mood. The Nifty settled marginally up to settle around 11,931 levels. The underperformance continued from the broader market indices as they lost in the range of 0.4-0.6%. On the sector front, defensive such as FMCG, IT and Healthcare ended in gains while all the other sectors ended lower wherein Oil & Gas, Metals and Telecom were top losers.

We believe, along with global cues, earnings announcements and macroeconomic data would dictate the market trend. Further, measures announced by FM to help revive the economy as well as spur demand would augur well for major sectors such as FMCG, Auto, Capital Goods, Banking etc. ahead. Amid all, we expect volatility to remain high thus traders should maintain extra caution in trade selection and risk management.

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Religare Broking Limited

Published on 9/10/2020 11:00:42 AM

Nifty Outlook

The bulls continued to maintain a firm grip on the markets led by supportive global cues. In line with the prevailing trend, the Nifty index opened in the green and remained range-bound throughout the session and ending higher by 0.8% at 11,835. Amongst the sectoral indices, a mixed trend was witnessed wherein IT, Healthcare and Banking were the top gainers whereas Oil & Gas, Capital Goods and Metal were the top losers. The broader markets maintained their underperformance as Midcap ended with gains of 0.3% whereas the Smallcap index ended lower by 0.3%.

The robust results from the IT major, TCS, boosted the sentiment and that reflected in other IT majors too. Participants will now be eyeing the outcome of the MPC’s policy meet scheduled tomorrow i.e. 9th October. It is widely expected that RBI would maintain the status quo on rates however, the commentary on growth, moratorium and inflation would be actively tracked. Further, stock-specific volatility would remain high as more companies would announce their quarterly numbers. 

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Religare Broking Limited

Published on 8/10/2020 10:57:13 AM

Nifty Outlook

Markets traded upbeat for the fifth successive session and gained over half a percent. After a subdued opening, the benchmark surged gradually led by encouraging global cues however it was latter confined into a narrow range. Amid all, the Nifty index managed to settle at 11,739 levels. On the sector front, a mixed trend was witnessed wherein IT, Auto and Consumer Durables ended with gains whereas Metal, Realty and Capital Goods ended with losses. The broader markets underperformed wherein both Midcap and Smallcap ended lower by 0.6% and 0.5% respectively.

Markets will first react to the TCS numbers and management commentary in early trade on Thursday i.e. October 8. A decisive breakout above 11,800 in Nifty would further fuel the rally else some profit-taking can’t be ruled out. We feel it’s prudent to book partial profits after the recent rally and wait for any dip to re-enter in the index. Stocks, on the other hand, are offering opportunities on both sides so plan your trades accordingly.

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Religare Broking Limited

Published on 7/10/2020 10:22:35 AM

Nifty Outlook

The bulls continued to dominate as the benchmark indices registered strong gains led by supportive global cues. The Nifty index ended higher by 1.4% at 11,662 levels. The broader markets underperformed for the second day in a row but both Midcap and Smallcap managed to end higher by 0.5% each. On the sector front, except Capital Goods, Metal and Oil & Gas, all the other indices ended in green wherein Realty, Banking and Auto are the top gainers.

We’re currently dancing to the global tunes however we may see a shift in the focus with the beginning of the earnings season. Besides, the RBI has announced the new dates for the MPC meet and the outcome will be out on October 9. We thus expect the rate-sensitive pack to remain volatile in the near future. Amid all, Nifty has surpassed the hurdle at 11,600 and we’re now eyeing the 11,800 zone so traders should continue with “buy on dips” in the index while stocks may continue to see the swings on both sides.

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