Weekly Market Quote: We expect Nifty to hold 17,800-18,100 Says Mr. Ajit Mishra, Religare Broking
Quote on Weekly Market Outlook 19 November 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets ended flat after four weeks of successive rise, taking a breather before making a new record high. In absence of any major event, the Nifty index oscillated in a narrow range for most of the week and finally settled at 18,307 levels. Meanwhile, a mixed trend on the sectoral front kept the participants busy however the ongoing underperformance of the broader indices continues to weigh on the sentiment.
With all the major events behind us, participants will take cues from the global markets, crude and currency market movement. Besides, the scheduled monthly expiry of November month derivatives contracts would keep the traders on their toes.
In the recent recovery, our markets were showing resilience when the global indices especially the US markets were facing the heat. And, they are now largely aligned and we have considerable strength in the prevailing trend. However, we can’t ignore the possibility of further consolidation citing mixed trends across sectors and restricted participation from the index majors. On the index front, we expect Nifty to hold 17,800-18,100 in case of further decline during the consolidation.
In the prevailing scenario, the focus should be on identifying opportunities across sectors, barring pharma and media, which may continue to trade subdued in the coming week. At the same time, traders should also focus on managing risk related to breakout failures and sharp gaps against the trend, to avoid a major dent in their accounts. Investors, on the other hand, should see this phase as an opportunity to accumulate quality stocks but in a staggered manner.
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