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Below Perspective On Markets By Mr. Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services

“Indian markets today saw the first round of correction breaking the important level of 19560 and closing below that. The global sell-off was driven by the Fitch downgrade of US credit rating. The results season thus far has been mixed with 18 nifty companies beating estimates and 15 missing. However, the mid  and small cap space has seen earnings upgrades which has resulted in the continued rally in the space while the broader market takes a breather. China on the other hand has been grabbing eyeballs with the recent policy document by the NDRC which is now focusing more on retail growth and providing more boost to the economy while falling short of handing out stimulus. The US markets overall remain in a bit of uncertain mode as valuations and concentrated bunch of stocks have driven the market rally (largely driven by AI). For the coming week, we expect the Indian market to take a breather along with some global weakness.

Technical setup – After closing below the important support level of 19560 the Nifty can potentially test 19,100 levels of the overall global scenario remains weak.”

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