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Religare Broking Limited

Published on 3/06/2020 10:40:36 AM

Nifty Outlook

The bulls continued to maintain their firm grip on the markets as the benchmark indices registered gains for fifth consecutive sessions led by positive global cues. It further gained momentum, encouraged by the PM’s speech at CII session that India’s economy would get back on track as the government is working towards systematic reforms which boosted investors’ sentiments. Consequently, the Nifty index ended higher by 1.6% to close at 9,979 levels. The broader markets too registered healthy gains. On the sector front, except FMCG which ended with minor losses, all the other indices ended in green wherein realty, banking and consumer durables were the top gainers.

The benchmark has gained over nine percent in the last five sessions and trying to be in sync with global peers. We may see some consolidation or profit-taking ahead, citing critical hurdle around 10,050 zone however the buoyancy in banking would help the index maintaining a positive tone. We reiterate our advice focusing on stock selection.

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Religare Broking Limited

Published on 2/06/2020 10:48:26 AM

Nifty Outlook

Markets started the week on a firm note and gained nearly 2.5%, taking note of favorable cues. The announcement of gradual easing of lockdown boosted the sentiment which further strengthened with the buoyancy in the global markets. Besides, the news of the timely arrival of monsoon also aided the surge. Mostly sectoral indices participated in the move with noticeable buying interest on the broader front which gained nearly 3% each.

The recent surge indicates that markets are focusing more on the optimistic side and anticipating a favorable scenario. We suggest maintaining a positive yet cautious approach as Nifty has again reached closer to the next resistance zone of 9,950-10,050. Besides, the continuous spikes in the COVID-19 cases and subdue earnings may cap the upside ahead. On the global front, further deterioration in the US-China relations is another important factor that could unsettle the markets. In short, traders should use a further surge to liquidate aggressive longs around the hurdle and wait for any dip to re-enter.

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Religare Broking Limited

Published on 1/06/2020 11:18:05 AM

Nifty Outlook

Markets traded with the positive bias for the third successive session and gained nearly a percent. Initially, it opened lower, tracking weak global markets amid US-China tension however it soon trimmed the losses and inched gradually higher as the day progressed. Mostly sectoral indices participated in the move wherein realty, pharma and FMCG topped the gainers' list. The broader indices too witnessed decent traction and gained nearly a percent each.

Markets would react to domestic GDP data numbers on Monday i.e. June 1 which would be released on Friday i.e. 29th May. Further, the US President’s press conference on China amid Beijing-Washington tiff would also be on the radar.

We might see a pause after the recent surge but the bias would remain on the positive side, citing the potential of a further surge in the banking index. Traders should focus more on stock selection while maintaining a “buy on dips” approach.

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