Morning Market Quote : The rally is unlikely to sustain since there are no major triggers to take the Nifty beyond 18200 Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 15 February 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The much awaited US CPI inflation for January has come at 6.4% YoY but is up by 0.5% MoM. The takeaway from this data is that while the disinflationary process is on track, it is very slow. This means the Fed might hike rates again and the rates might remain higher for a longer period of time. That’s why US bond yields rose yesterday. A positive trend in India is that FIIs have turned buyers and this is good news for the bulls. But the rally is unlikely to sustain since there are no major triggers to take the Nifty beyond 18200. Since the major drag of sustained FII selling appears out of the way, sharp correction in the market is unlikely. High quality banking stocks have more room to go higher and IT, select autos and capital goods too look strong.
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