Weekly Market Quote: Markets have been gradually inching higher toward the record high Says Mr. Ajit Mishra, Religare Broking Ltd
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Quote on Weekly Market Outlook 05 November 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets extended gains for the third successive week and rose nearly 2%. After the firm start, the benchmark remained range bound in the following sessions however rotational buying across heavyweights helped the index to maintain the positive bias. Consequently, the Nifty index reclaimed 18,100 levels almost after 7 months. Among the sectoral indices, the majority ended higher wherein metal outshined the others. While both the broader indices ended higher, the outperformance by the midcap pack continued.
The coming week is a holiday-shortened one and participants will be eyeing earnings and macroeconomic data i.e. IIP for cues. Besides, the trend of the foreign flows and the performance of the global markets will also be in focus.
On the earnings front, four auto majors viz. Tata Motors, Eicher Motors, Ashok Leyland and M&M will announce their numbers along with other prominent names like BPCL, Divis Lab, Lupin and Zee Limited during the week.
Markets have been gradually inching higher toward the record high however volatility on the global front is capping the momentum so far. We expect the prevailing trend to continue and eyeing 18,350 and then 18,700 in the Nifty. After two weeks of pause, banking looks set to resume the uptrend as well. Since all sectors are contributing to the move, we recommend preferring the top performers from the respective sectors and accumulating them on dips.
Above views are of the author and not of the website kindly read disclaimer
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