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Below Quote on perspective of Mr. JayKrishna Gandhi, Head – Business Development, Institutional Equities, Emkay Global Financial Services on the markets

”The Indian markets continue its resilient steady move with the market breadth widening and small and mid-caps making new highs. Flows into India remain strong with YTD flows of $5.5bn as of Monday. The global AI driven rally has benefited the large Tech companies and as result Nasdaq has now entered a bull market along with Taiwan which has benefitted from the presence of the semi-conductor heavy weights. The RBI/Fed paused in line with expectations as inflation both in US and India is directionally moving in line with expectations. Crude price weakness despite a 2^nd production cut by the Saudi’s is one area of concern with regard to the global economic health especially in the 2H of 2023. However, this bodes well for India as inflation will continue to remain low.

The flurry of block deals and the higher demand on most of the offerings do make us a little uncomfortable from a near term perspective. However, none of the indicators point at an overbought market as of now. India continues to remain a stock pickers market as the broader index continues to remain stable. Sector wise, Metals can drive near-term out-performance followed by NBFC’s (versus frontline banks). Select auto names post the recent correction look interesting. Going into results IT results should set the tone for nifty performance.”

“Technical Setup: Nifty: Index at intraday support of 18670. Moving below 18650 can decline further up to 18550 followed by 18450. 18450 is medium term support level. Index has resistance at 18800 and 18870 level.”

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