Weekly Market Quote: Markets finally ended a 5-week losing streak and gained nearly a percent Says Mr. Ajit Mishra, Religare Broking Ltd
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Quote on Weekly Market Outlook 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets finally ended a 5-week losing streak and gained nearly a percent. The tone was subdued for most of the week but a sharp rebound on Friday helped Nifty to close around the week’s high at 19,435.30 levels. Meanwhile, stability on the global front also played an important role in capping the damage. On the sectoral front, realty, auto and metal posted strong gains in the range of 3.5%-5.5% while defensive viz. pharma and FMCG ended in the red. Besides, the continued buying in midcap and smallcap space kept the traders busy.
In the absence of any major event, the performance of the global markets, especially the US, will remain on the radar for cues. Though we have witnessed a decent rebound, we need a decisive close above 35,300 in the Dow Jones Industrial Average (DJIA) for any meaningful recovery.
Nifty has managed to hold 19,200 despite multiple attempts of breakdown in the last three weeks and that may help the bulls to reclaim the lost ground ahead. However, it would be early to say that the trend has reversed until we decisively cross and sustain 19,650 levels. Amid all, there will be no shortage of trading opportunities, thanks to selective buying across sectors and prevailing outperformance by the broader indices. Among the key indices, we suggest preferring auto, metal and IT for long trades while pharma and FMCG may continue to trade lackluster. Participants should align their positions accordingly and look for stocks that are showing relatively higher strength within the pack.
Above views are of the author and not of the website kindly read disclaimer
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