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Below is Closing Market Quote by Mr. Santosh Meena, Head of Research, Swastika Investmart Ltd

Indian equity markets are cheering at their all-time highs, snubbing the volatility of global markets. The broader market is also trying to catch up momentum as Nifty midcap and smallcap indices are still well below this all time highs. The beauty of the current rally is that the market is finding support from new sectors every day. In the second half of 2022, there is a clear trend of outperformance of Indian equity markets. This trend is likely to continue despite the fact that we are trading at expensive valuations compared to most of our global peers, as our fundamentals are strong and we have strong support from domestic money. The market will react to Jerome Powell's speech tomorrow, and auto sales figures will cause stock-specific movements.

The market's attention will then shift to the Gujarat election and RBI policy. Globally, news flow from China may continue to cause volatility, while the movement of the dollar index, US bond yields, and crude oil prices will be other important factors. The only concern is that the market is overbought, which may lead to some pullback or consolidation at higher levels, but there are no major signs of weakness. Technically, Nifty has immediate targets of 18888 and 19000, while on the downside, 18700 and 18500 will act as strong support levels.

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