Weekly Market Update : Investors are encouraged to choose their investments with caution and wisdom Says Mr. Apurva Sheth, Samco Securities
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Weekly Note on Market By Mr. Apurva Sheth, Head of Market Perspectives, Samco Securities.
Technical Outlook
Nifty50 on Friday witnessed a gap-up opening of more than one and a half percent and closed above17100 levels. Despite the smart gains on Friday, Benchmark index couldn’t close above its previous week#39;s range and ended -0.74 lower from its previous week’s close. For the last three weeks, the Benchmark Index is trading in a range of 16800 to 17350 levels amid volatility. The candles for the last three weeks are having tall wicks on both ends which indicates indecision among the traders due to volatility. Follow-up buying is expected as we have sustained above 17100 levels today which could take us towards 17500 levels soon. On the lower side, 16800 will act as an important support in the coming trading sessions.
Expectations of the Week
The United States Industrial Production output will have an impact on markets throughout the world. In August, this number fell 0.2% despite expectations of an increase. Will be closely watched to see if the Factory activity has increased or decreased even more. The Chinese economy has drastically slowed down; in Q2FY22, it shrank by 2.6%. Investors would be better able to predict the direction of the Chinese economy with the release of the Q3FY22 GDP figures.Back home, the quarterly results of the companies will occupy the centre stage. D-street will be interested to hear the management commentary about future earnings growth trajectory. Investors are encouraged to choose their investments with caution and wisdom in light of the several significant events that will soon take place.
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