Sensex may test 61000 and nifty may test 18300 levels very soon says Mr. Anuj Gupta, IIFL Securities
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Below is Weekly Market Outlook On By Mr. Anuj Gupta, Vice President, IIFL Securities
Last week we noticed that sensex increased by 2.39% and closed at 59307 levels. Nifty increased by 2.27% and closed at 17576 levels. Banknifty increased sharply by 5.57% and closed at 40785 levels. Last week we also noticed net buying activity by FII of rs 1324.34 cr and DIIs of rs 3569.49 cr.
The sentiments of the equity market turned positive after a statement given by FED that they will likely debate on signalling plans for a smaller interest rate hike in december. Global index also rose last week.
For the coming week we are expecting that the equity market may trade positive further as fundamentals of the market remain positive.
Technically, chart structure of nifty is positive followed by higher top and higher bottom formation and trading above 4 week's higher levels. Technical indicator RSI remains showing optimism for the market. Prices are following moving average positive divergence. For the coming time we are expecting that sensex may test 61000 to 62000 levels and nifty may test 18000 to 18300 levels. Nifty has a support at 17300 and then 17000 levels, resistance at 18000 and then 18350 levels. Banknifty has support at 40200 and 39500 levels, resistance at 41500 and then 42300 levels.
We are expecting and may see movement in Banking, Metal, FMCG and Auto sectors
Above views are of the author and not of the website kindly read disclaimer
