IGI Logo

Below are Views On Weekly Market Analysis Note by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded buoyant for most of the week and gained over 2%. Upbeat earnings announcements combined with favourable global cues boosted sentiment. However, profit-taking in the final session trimmed the gains. Healthy buying witnessed metal, pharma and private banking stocks while others traded mixed. The broader markets too ended in a positive range of 1.8-3.2%.  On the benchmark front, Nifty settled at 14631; up by 2.02%.

We expect volatility to remain high in the coming week too. First, participants will react to the Reliance Industries results which came in after market hours on Friday. Besides, monthly auto sales numbers will also start pouring in from May 1. In the following session, the election results of the 5 states will also be the focus on May 2. On the economy front, Markit Manufacturing PMI and Markit Services PMI data are scheduled on May 3 and May 5 respectively. Needless to say, updates related to COVID cases, vaccine drive and global cues will also be closely tracked.

Earnings season will also gain pace and some big names like Kotak Mahindra Bank, Hero MotoCorp, Tata Steel, Dabur, HDFC ltd will announce their results along with several others.

The recent bounce is certainly encouraging but sustainability above 15,000 is critical in Nifty for any directional up move else consolidation will continue. On the downside, 14200 will continue to act as a major cushion. We reiterate our view to stay with defensive names and keeping a check on the leveraged positions.

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