Morning Market Quote : The 4.2% up move in Nifty helped by the 7.2% surge in Bank Nifty Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 27 April 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The 4.2% up move in Nifty helped by the 7.2% surge in Bank Nifty, came in a challenging environment. Now, there are more macro positives which can sustain this rally. The significant macro positive is the 4% overnight crash in Brent crude. This will further improve India’s CAD which is already healthy. This will have benign effect on inflation,too, enabling the MPC to not raise interest rates further. In this scenario banking, which is already doing well, can do better.
Nifty has broken the upper band of the 17500- 17800 range in which it has been trading recently. The rally may sustain but a significant surge beyond 18000 appears difficult in the near-term.
Investors can continue with the ‘Buy on dips’ strategy.
Above views are of the author and not of the website kindly read disclaimer
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