Weekly Market Outlook: Markets extended rebound and gained nearly one and a half percent Says Mr. Ajit Mishra, Religare Broking Ltd
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Below is on Weekly Market Outlook 08 April 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets extended rebound and gained nearly one and a half percent, tracking firm global markets and supportive local cues. The beginning was upbeat which further strengthened as the week progressed, with sustained recovery in the US market, bargain buying in select heavyweights and pause in rate hike by MPC. Finally, the benchmark indices, Nifty and Sensex, settled around the week’s high at 17,599.15 and 59,832.97 respectively. Most sectors participated in the recovery wherein banking, financials, auto and realty posted strong gains. The broader indices too witnessed recovery and gained in the range of 1%-2.5%.
The next week kick starts the earnings season and the two IT majors viz. TCS and Infosys and banking heavyweight, HDFC Bank, will announce their numbers.
The last two weeks of rebound has certainly eased pressure but we need a decisive close above 17,700 in Nifty for a short term trend reversal. Banking, financials and FMCG majors have played their part in the initial leg of recovery and now contribution from other key sectors like energy, IT and auto would be critical to help Nifty to retest 18100+ zone. In case of any profit taking, 17200-17400 zone would offer the needed support. Meanwhile, we recommend continuing with “buy on dips” approach, with focus on risk management citing rise in volatility due to upcoming earnings season.
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