Weekly Note on Market By Mr. Apurva Sheth, Samco Securities
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Weekly Note on Market By Mr. Apurva Sheth, Head of Market Perspectives, Samco Securities.
Expectations for the week
As concerns of growing inflation and recession hang over the global economy, Indian benchmark indices are projected to remain uncertain in the near term. In this context, investors are anticipated to keep a close watch on the currency market, as the USD/INR has reached new all-time lows of 80.23. Further, with the earnings season in full swing, market players should avoid reading too much into India Inc.'s numbers and instead focus on the management commentary. Investors are advised to remain put and search for opportunities to raise their weightage in quality players. Nifty 50 closed the week at 16,049.20, down by 1.06%.
Technical Outlook
Nifty 50 ended the week on a negative note after consolidating around 16200, which aligned with prior support and the falling resistance line. But given that the India VIX is constantly creating lower tops and even falling below the critical level of 18, we think the market is still oversold. At these levels, important global indices are also finding support. The benchmark index, in our opinion, is likely to remain above the 15800 level and may even be approaching the 17000 zone. The current levels of immediate support and resistance are 15500 and 16300, respectively.
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