Morning Market Quote : The market construct favours continuation of the rally to new record level in Nifty Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 14 November 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The market construct favours continuation of the rally to new record level in Nifty. The momentum in the market is evident in the 4 straight weeks of gains and FIIs turning buyers in all the last 11 trading days. FIIs are likely to continue buying since the dollar index has declined sharply to 106.6 from the recent high of around 114. DIIs are unlikely to sell big when the market momentum is so strong. Moreover, SIP inflows have crossed Rs 13000 crores a month- a record. The quality of the rally has improved with the participation of high quality large-caps like HDFC twins, RIL, Infosys and TCS. Bank Nifty at record highs can provide resilience to the market. The prospects of banks continue to improve. Nifty IT has more room to go up since fears of slowdown in tech spending need not materialise."
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