Religare Broking Limited

Published on 19/04/2021 10:19:43 AM

Nifty Outlook

Markets ended marginally in the green, taking a breather after the recent rebound. The benchmark opened flat and remained range-bound till the end however movement on the broader front kept the participants busy. Among the sectoral indices, mostly ended higher wherein pharma, IT and auto were the top contributors. Consequently, Nifty closed higher by 0.3% at 14,618 levels

Surprisingly, markets are showing tremendous resilience despite the rising COVID cases but sustainability at higher levels seems difficult if this trend continues. Besides, earnings season also holds equal importance and any negative surprise may again derail the recovery. Over the weekend, the HDFC Bank result will announce its numbers and the focus will be on management commentary and growth outlook. On the benchmark front, Nifty has an immediate hurdle at 14,700 and a decisive break will pave the way for further rebound else profit taking would resume so plan your positions accordingly.

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Religare Broking Limited

Published on 16/04/2021 10:01:06 AM

Nifty Outlook

Markets managed to end in the green amid excessive volatility, in continuation to the rebound of the previous session. After the initial uptick, the benchmark turned negative in no time and continue to inch lower due to pressure in select IT and auto majors. However, recovery in banking, metals and pharma majors engulfed all the losses and pushed the index to a new intraday high. Consequently, the Nifty ended with gains of 0.5% at 14,582 levels.

Markets would first react to Wipro’s earnings outcome in early trade on Friday. We continue to maintain our cautious stance citing rising COVID cases and strict restrictions imposed by the various state government in India which may hamper economic recovery. However, progress on vaccines and supportive global markets may cap the damage. Amid all, the prevailing earnings season will remain on the participants’ radar for cues. To sum it up, we expect volatility to remain high so traders should prefer low beta counters and limit leveraged positions until the market stabilises.

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Religare Broking Limited

Published on 15/04/2021 11:51:11 AM

Nifty Outlook

Markets witnessed a breather after the sharp decline in the previous session and managed to close with gains of nearly one and a half percent. The benchmark indices opened marginally in the green and traded volatile in the first half amid profit-taking in the IT majors post TCS results. However, recovery in the auto, banking and select metal majors in the latter half helped the index to close around the day’s high.

Sentiment boosted on the news of fast-tracked emergency approvals for foreign-produced Covid-19 vaccines. Consequently, Nifty ended with gains of 1.4% at 14,505 levels. The broader markets too ended with gains in the range of 1.2-1.5%. We expect volatility to continue until there is clarity over the lockdown situation and availability of vaccines. The earnings season would further add to the choppiness ahead so we suggest investors maintaining stock-specific trading approach. Meanwhile, global cues, metals and crude oil prices would also be on investors’ radar.

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