Market Outlook for next week By Mr. Rahul Sharma, Equity99
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below is quote On Today’s Market report by Mr. Rahul Sharma, Co- Founder, Equity99.
The market continues tomorrow's up-move with Sensex up 381 points and Nifty50 up 104 points. Nifty IT was the top performer followed by PSU Banks & Media stocks. The banking index was up with Bandhan Bank being the top gainer for 2nd straight day up 5.25%. The nifty Midcap index was up 133 points. Among the Nifty50 pack Reliance was the top gainer followed by Wipro & Infosys, while SBI Life Insurance, NTPC & Coal India were top losers.
The market has against started up to move before result season starts with IT companies declaring their result next week. We expect some momentum in the market next week.
All manufacturing companies will be in focus with India declaring its Manufacturing output number on Tuesday. India will declare its WPI Inflation index number on Thursday.
Results on Monday - Delta Corp, HFCL, Krsnaza Diagnostic, RK Forgings, Tata Metaliks & Tinplate.
Sector in Focus – IT, Metals, Telecommunications & Chemicals.
Nifty: Technical levels
On the upper side, 17950 will act as strong resistance without breaking which we will not be able to see 18000 levels on the lower side 17800 will act as strong support on breaking which we might see 17725 to 17675 levels
For bank nifty 37500 will act as support on breaking which we'll see 37200 to 37000 levels, however on upper side 38100 will act as strong hurdle rate post which 38350 to 38500 levels are possible
Above views are of the author and not of the website kindly read disclaimer
