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Next week Banking stocks will be in focus as Fed will be taking decisions on interest rates By Mr. Rahul Sharma, Equity99
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Below is quote On Today’s Market report by Mr. Rahul Sharma, Co- Founder, Equity99.
Markets ended the week on a negative note with Sensex down 678 points & Nifty down 186. Nifty Pharma was the best performer followed by Media & Realty Index. Banking Index was down 393 points with PNB bank being the top performer. The midcap index was down 45 points. Among the Nifty50 pack, Ultratech Cement was the best performer followed by Dr reddy`s labs & Shree Cements, while Tech Mahindra, NTPC & Kotak Mahindra Bank were top losers.
Markets are expected to remain bearish in short term due to profit booking across various sectors & weak global clues. The Q2 result season is in progress with the market getting mixed responses from companies declaring their results. The finance sector will be in focus with HDFC Ltd set to declare its numbers. Also the ongoing up down in IRCTC will continue as railways stock will be declaring their numbers next week. Telecom sector &PSU banks index will be in light with 2 majors Bharti Airtel & SBI declaring their results next week.
Along with the corporate earnings, the market has to deal with macro numbers. The US government will be declaring the 3 & 6-month bill auction that will affect the financial sector. Besides this India will be declaring its Import & Export numbers for October. Besides this Oil & Gas companies will be in focus with the US declaring API weekly Crude oil stock. Banking stocks will be in focus as Fed will be deciding on interest rates & the FOMC Statement release.
Technical Indicators
Nifty 50 - Post the ups & downs in the market for the next week 17500 will act as crucial support for Nifty on breaking which 17350 will act as the next support post which we might see17200 levels. On the upper side, 17800 will act as crucial resistance on being which we might regain 18000 levels and if it is broken we`ll see 18200 levels.
Bank Nifty – For Bank Nifty 38800 will act as crucial support on breaking which 38500 will be next support and if it is broken we might see 38375 levels. On the upper side, 39500 will be crucial resistance on breaking which next levels will be 39800 & 40100.
Sector in Focus Next week – Banks, Automobiles, Metals & Railways.
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