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Nifty Outlook

Markets remained volatile but managed to end with the gains of nearly a percent, taking a breather after the recent fall. The bias was negative in the first half in continuation to prevailing trend however healthy buying in select heavyweights triggered a sharp recovery in the latter half. Consequently, Nifty closed around the day’s high to close at 16,013 levels. All the sectoral indices, barring metal, ended with gains wherein IT, Realty and Capital Goods were the top gainers. The broader markets too were up more than 1% in today's session. Markets may witness further rebound however sustainability would be difficult. We reiterate our cautious stance and suggest focusing more on sector/stock selection. Global cues viz. geopolitical tension and movement in crude would remain in focus. On the index front, Nifty would face resistance around 16,200-16,400 zone.

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