Religare Broking Limited

Published on 20/01/2021 11:00:49 AM

Nifty Outlook

The bulls were back in action as the markets gained nearly two percent and settled around the day’s high as well. After two days of slide, the benchmark opened higher, in response to an optimistic statement from US Secretary of Treasury, Janet Yellen, about a big fiscal push in the US.

The momentum further gained strength as the session progressed, with healthy buying across sectors. Consequently, the Nifty ended at 14,521 levels; up by 1.7%. The broader markets too posted decent gains in the range of 1.6-2.3%. Amongst the sectors, all the indices ended in positive with realty, metals and capital goods were the top gainers.

Going ahead, earnings and global cues would remain on the participants’ radar. Besides, we’re also seeing noticeable buzz across the sectors in the run-up to Budget. We feel it would be prudent for the markets to spend some time around the current levels.

Meanwhile, there’ll be no shortage of trading and investment opportunities, thanks to the prevailing earnings season and the upcoming budget. Amid all, we suggest not to go overboard and stick to the quality names and accumulate them on dips.

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Religare Broking Limited

Published on 19/01/2021 9:53:10 AM

Nifty Outlook

Markets plunged sharply lower and lost nearly one and a half percent amid weak global cues. Initially, the benchmark opened marginally in the red tracking unsupportive global markets which further deteriorated as the session progressed. However, recovery in select index majors recouped losses in the middle but not for long.

Consequently, the Nifty ended around the day’s low at 14,281 levels. On the sector front, except consumer durable, all the other indices ended in the red wherein metals, healthcare and auto were the top losers. In line with the benchmark, the broader market indices too ended lower in the range of 2-2.3%. The news of fresh COVID cases in China has spooked the markets across the globe including India as participants are worried about global economic recovery.

At the same time, we’re seeing a noticeable rise in volatility on the domestic front too, thanks to the prevailing earnings season. Amid all, we reiterate our positive yet cautious view and suggest focusing more on stock selection and risk management. On the index front, Nifty has critical support at 14,100.

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Religare Broking Limited

Published on 18/01/2021 10:24:05 AM

Nifty Outlook

Markets traded volatile and settled with a cut of over a percent. Participants were in the profit-taking mood from the beginning citing overbought market conditions. Besides, the global cues too remained unsupportive in today’s session. After a flat start, the Nifty index witnessed a gradual decline as the session progressed and finally at 14,434 levels. The broader markets also remained under pressure as both Midcap and Smallcap ended with losses of 1% each.

On the sector front, except telecom, all the other indices ended with losses wherein Oil & Gas, Capital Goods and IT were the top losers. We’ve been maintaining our positive yet cautious stance on market citing the possibility of profit-taking/consolidation in markets and reiterate the same view for Monday. Since the overall trend is up, it’s prudent for the participants, those who were sitting on the sidelines for correction, to utilise this phase and buy quality stocks on dips.

On the other hand, it would be difficult for traders to manage positions as both indices and stocks usually see volatile swings during such phase and the beginning of earnings season has further added to the choppiness. It’s prudent to avoid naked leveraged positions for now and prefer hedged strategies. In case of a further slide, Nifty would find immediate support at 14,250 and then 14,100 zone.

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Religare Broking Limited

Published on 15/01/2021 10:25:39 AM

Nifty Outlook

Markets remained range-bound for yet another session and ended marginally higher. Initially, the profit-taking in the IT majors pushed the benchmark lower but buying in the select index majors especially from energy, capital goods and FMCG space gradually pared all the losses. Consequently, the Nifty index ended higher by 0.2% at 14,596 levels. On the sector front, all the other indices ended on a flat to positive note wherein Capital Goods, Oil & Gas and FMCG were the top gainers.

We may see further consolidation in the index ahead and it would be healthy for markets. The recent rise in volatility on the stock-specific front is on expected lines and we expect this trend to continue during the earnings season. Participants should maintain extra caution in the selection of stocks now and focus more on risk management.

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Religare Broking Limited

Published on 14/01/2021 10:27:51 AM

Nifty Outlook

In a volatile trading session, the benchmark indices swung both ways before ending the session on a flat note. The Nifty index opened with healthy gains but profit-taking at higher levels gradually dragged the indices lower. However, healthy buying in banking stocks in the last hour helped the indices to pare all the intraday losses. Consequently, the Nifty index ended flat at 14,555 levels.

The broader markets underperformed as both Midcap and Smallcap ended with losses of 0.7% and 0.5%. A mixed trend was witnessed on sectoral front wherein, Telecom, Auto and Banking were the top gainers whereas Consumer Durables, Healthcare and Realty ended with losses. Markets will react to the IT majors, Infosys and Wipro, results in early trade of Thursday.

With markets at a record high, we feel the prudent approach is to use dips to add quality names. And, we expect stock-specific volatility to remain high on account of earnings announcement so participants should prefer hedged positions instead of outrights. Amid all, vaccine development in India and globally would be actively tracked for cues.

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Religare Broking Limited

Published on 13/01/2021 1:12:40 PM

Below are Views On After a tepid opening, the bulls were back in charge led by positive global cues By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

After a tepid opening, the bulls were back in charge led by positive global cues and healthy buying interest in banking stocks. The Nifty index ended with healthy gains of 0.6% at 14,563 levels. The broader markets too ended with decent gains of 0.4% and 0.3% respectively. On the sector front, Telecom, Auto and Oil & Gas were the top gainers whereas Consumer Durables and Healthcare ended with losses.

Markets will react to the macroeconomic data (IIP & CPI) in early trade on Wednesday. Further, earnings announcements from select IT majors such as Infosys and Wipro would also remain on the participants’ radar. We advise participants to align their positions according to the trend but strictly avoid overleveraging at current levels.

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Religare Broking Limited

Published on 13/01/2021 10:20:17 AM

Nifty Outlook

After a tepid opening, the bulls were back in charge led by positive global cues and healthy buying interest in banking stocks. The Nifty index ended with healthy gains of 0.6% at 14,563 levels. The broader markets too ended with decent gains of 0.4% and 0.3% respectively. On the sector front, Telecom, Auto and Oil & Gas were the top gainers whereas Consumer Durables and Healthcare ended with losses.

Markets will react to the macroeconomic data (IIP & CPI) in early trade on Wednesday. Further, earnings announcements from select IT majors such as Infosys and Wipro would also remain on the participants’ radar. We advise participants to align their positions according to the trend but strictly avoid overleveraging at current levels.

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Religare Broking Limited

Published on 12/01/2021 10:56:27 AM

Nifty Outlook

Markets started the week on a robust note led by positive global cues and strong earnings from IT behemoth TCS. Despite a tepid show by banking stocks, the Nifty managed to end with gains of 1% to close just shy of 14,500 levels. The broader markets underperformed wherein both Midcap and Smallcap ended flat. On the sector front, IT and Auto were the top outperformers in today’s trade whereas Metal, Capital Goods and Oil & Gas ended with losses.

The anticipation of better than expected earnings season combined with supportive global cues aided the upbeat start. Going forward, stock-specific volatility would remain high as earnings season would gain pace. Further, key macro data like CPI, WPI and IIP would also be actively tracked by investors. Amid all, we reiterate our positive yet cautious stance on markets and advise aligning positions according to the prevailing trend.

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Religare Broking Limited

Published on 11/01/2021 5:17:47 PM

Below are Views On Markets started the week on a robust note led by positive global cues By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a robust note led by positive global cues and strong earnings from IT behemoth TCS. Despite a tepid show by banking stocks, the Nifty managed to end with gains of 1% to close just shy of 14,500 levels. The broader markets underperformed wherein both Midcap and Smallcap ended flat. On the sector front, IT and Auto were the top outperformers in today’s trade whereas Metal, Capital Goods and Oil & Gas ended with losses.

The anticipation of better than expected earnings season combined with supportive global cues aided the upbeat start. Going forward, stock-specific volatility would remain high as earnings season would gain pace. Further, key macro data like CPI, WPI and IIP would also be actively tracked by investors. Amid all, we reiterate our positive yet cautious stance on markets and advise aligning positions according to the prevailing trend.

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Religare Broking Limited

Published on 11/01/2021 10:26:50 AM

Nifty Outlook

Tracking optimistic global cues, the benchmark started the day on a buoyant note and settled with health gains. Almost all the sectoral indices participated in the move wherein IT, auto and oil & gas witnessed noticeable traction.

The broader market too followed the suit and ended higher in the range of 0.7-0.9%. On the benchmark front, the Nifty settled around the day’s high at 14,347 levels. Markets will first react to TCS numbers in early trades on Monday. Besides earnings, global cues and updates on vaccine drive will also remain in focus. At present, the rotational buying across the sectors is helping the index to inch higher and we suggest aligning positions according to the trend.

However, traders should avoid going overboard and keep a check on leveraged positions. Technically, the Nifty index has been trading in a rising broadening formation and the upper band of the pattern currently lies around 14,500, which may act as an immediate hurdle.

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