Quote on Market Movement By Mr. Yash Gupta, Angel Broking Ltd
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Below are Quote on Market Movement by Mr. Yash Gupta, Equity Research Associate, Angel Broking Ltd
Most of the Nifty 50 companies results are out and there is a spike in the earnings, Nifty 50 EPS at 534 in Q4FY21 as compared to 428 in Q4FY20 up by 24.7. Several cyclical companies like Tata Steel, Hindalco have reported turnaround profit in this quarter. Along with this, the BFSI sector has also posted very solid growth in this quarter. Nifty 50 trading at around Price to Earning (PE) of 29.98 and Price to Book value (P/BV) of 4.42 which is slightly on the higher side but we expect further upside in the earnings of Nifty 50 companies.
Since last 3 months Reliance Industry was consolidating and now stock has picked up its uptrend and up by 10% in last 2 trading sessions, Reliance industry is having highest weightage in Nifty 50. We expect in the medium term nifty will continue its up trend but in the short term we may see some health corrections.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
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