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Market Outlook

We believe markets would continue to dance to the tune of global cues. On the domestic front, stock specific volatility is expected to remain high with ongoing results season. Meanwhile, management commentary and future outlook will remain key monitorable. Since, the markets are trading near record highs, we would remain cautious and advise investors to be very selective in picking stocks.

Technical Outlook for Nifty

* Nifty remained range bound for yet another month but managed to settle with marginal gains. It hovered within the 15,500-15,950 zone and finally settled at 15763.05. Meanwhile, movement on the broader front kept the participants busy.

* Mostly sectoral indices traded subdued barring IT, metal and realty which posted decent gains.

* Nifty has finally witnessed a breakout from the consolidation zone and looks upbeat to maintain the prevailing momentum. It has the potential to test 16,500+ zone now. Since we’re seeing selective participation and rotational buying across sectors, we advise maintaining extra caution in the selection of stocks.

Rollover Synopsis

In August series, Automobile @95%, Banking @94% and  Capital Goods @94% are the sectors where highest rollover was witnessed, whereas Cement @82%, Telecom @87% and Technology @89% are the sectors where lower rollovers were witnessed.

MRF and ADANIPORTS futures were the leaders in rollover, whereas AMUJACEM and APOLLOHOSP futures witnessed the lowest rollovers into August series.

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