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Quote On Morning Market 21 April 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The Q4 results season, so far, has been a mixed bag with IT disappointing and banking giving early indications of continuing strength. Broadly, this trend is likely to sustain. But there can be occasional pull backs in IT from the sharp correction after the Infosys results. HCL Tech results have not disappointed; some IT midcaps may beat market expectations. Even then, a strong and sustainable rebound in IT is difficult, given the weak global cues. Results of RIL today and ICICI Bank tomorrow can have mild impact on the market. RIL is likely to post good numbers in their Oil and chemicals segment and retail segment. But a sharp spurt in aggregate profitability is unlikely. On the other hand, ICICI Bank is likely to post numbers ahead of market expectations, thereby giving further resilience to Bank Nifty. The Nifty range of 17600-17800 is likely to hold in the near-term.

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