IGI Logo

Below Quote Weekly Market Analysis 15 April 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended a gaining streak for the third successive week and rose over a percent, tracking favorable global markets and supportive local cues. The tone was positive for most of the week however pressure in the IT majors capped the momentum. Amid all, the benchmark indices, Nifty and Sensex, managed to settle around the week’s high at 17,828 and 60,431 levels respectively. Apart from banking and financials, recovery in other sectors like auto, metal, pharma and realty added to buoyancy. The broader indices too performed well and gained over one and a half percent each.

In absence of any major event, the focus will be on earnings and global markets for cues. On the earnings front, participants will first react to Infosys and HDFC Bank’s numbers in early trade on Monday. Among the other prominent names, Tatacomm, HCL Tech and ICICI Bank will announce their results during the week.

Markets have finally witnessed a reversal, after spending nearly four months in a corrective phase and now we’re eyeing the 18,100+ in Nifty. There could be some intermediate consolidation first however the tone is likely to remain positive. In case of any dip, the 17,400-17,600 zone would act as strong support. Though most sectors are contributing to the move on a rotational basis, we reiterate our preference for banking, financials, FMCG and auto and suggest picking selectively from others.

Above views are of the author and not of the website kindly read disclaimer