Some profit booking at high levels will be a good idea at this juncture Says Dr. V K Vijayakumar, Geojit Financial Services
Quote On Morning Market 14 June 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Since the market momentum continues to be strong, it can take the Nifty to a new record high, which is only 172 points away. Global support from the mother market US and strong domestic macros have the strength to usher in a new record.
But Nifty is unlikely to race past the new record highs since valuations are challenging and the US inflation cues are not so favourable. Even though US CPI inflation has declined to 4 %, the core inflation, which is more significant, is stuck at around 5%. Therefore, the Fed is likely to sound hawkish even while pausing rates today.
Some profit booking at high levels will be a good idea at this juncture. Chasing this rising market at high valuations will be risky.
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