Diwali Market Outlook : We expect NIFTY to trade positively in SAMVAT 2079 Says Axis Securities
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SAMVAT 2078 has been quite volatile. While our benchmark NIFTY started at the level of 18040 and touched an all-time high of 18350 on 18th Jan’22, things turned for the worse after it hit this all-time high mark. Rising valuations, accentuated geopolitical tensions, withdrawal of monetary stimulus from the central banks across the globe, rising interest rate scenario, and rising oil led NIFTY to hit lows of 15183 on 17th Jun’22. On a brighter note, the market has since regained the lost ground with the NIFTY rebounding by ~20% and the Sensex by 18%. Other lead indices such as Bank NIFTY, Mid Cap, and Small Cap indices, too, have rebounded by ~30%, 27% and 34% respectively. Overall, in the last SAMVAT, after hitting all-time highs, the market has rebounded from the lows and then has remained in a broader range of 18300-15500 levels.
Moving forward, based on the technical parameters, we expect NIFTY to trade positively in SAMVAT 2079. The underlying tone of the market remains bullish with the expected upside of 18500-19000 levels. Major downside supports are placed at 16500-16000 levels.
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