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Below is quote on Nifty at 16k by Ms. Sneha Poddar, AVP – Research, Broking & Distribution, Motilal Oswal Financial Services Ltd.

“Nifty today finally managed to break its two month long consolidation to touch the most awaited level of 16k. It had shown strong resilience since the start of June and moved in a very narrow range despite weak global cues and finally managed to leap forward towards 16000 zone. What really provided support to the market was the 1QFY22 earnings report which begun on a very healthy note despite the Covid 2.0 impact. It helped the market to largely sail through the headwinds of a possible third COVID wave, commodity led inflation and volatility around the US Fed taper talk. The damage from the second COVID wave and the consequent lockdowns in April'21/May'21 has been much lesser than that from the 1QFY21 national lockdown. Management commentaries across the board suggest an improved demand environment post June'21, led by the easing of restrictions, lower active COVID-19 cases, and a pickup in vaccinations. We estimate corporate earnings to continue to recover, as the underlying economy opens up, with progressively higher vaccination trends, thus offering many bottom-up opportunities.”

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