IGI Logo

Quote On Morning Market 24 April 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The market is poised for a positive breakout from the recent narrow range of 17600-17800. Three factors have the potential to facilitate this breakout: one, excellent Q4 results from ICICI Bank, two, better-than-expected Q4 results from Reliance and three, RBI’s approval for merger of HDFC in HDFC Bank - granting some of their important requests - thereby facilitating the merger by July. These four stocks accounting  for 33.2 %weightage in Nifty will impart resilience to the market.

However, this is not sufficient to push the market into a new bull orbit. That will have to wait for favourable global cues, particularly the US inflation print and the Fed’s response.

Meanwhile investors can use the subdued market trend, particularly days of market correction, to buy the high quality potential winners for impressive returns when the market eventually rallies.

Above views are of the author and not of the website kindly read disclaimer