Daily Market Commentary : Nifty after making a new high above the 22,500 zone Says Mr. Siddhartha Khemka, Motilal Oswal
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Below the Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty after making a new high above the 22,500 zone, consolidated in positive territory ahead of the long weekend. The index closed with gains of 20 points at 22494 levels. Broader market saw some buying after remaining under pressure for the past few sessions. Majority of the sectors ended in green with buying seen in Metals, FMCG, Financials, and Consumer Durables. Several Tata group stocks were in focus due to the buzz around Tata Sons' IPO and several of them held a stake in it. Strong FII buying seen yesterday of around Rs2800cr also supported the ongoing momentum. Domestic markets will remain shut on Friday on account of the Shivratri Festival. Next Week investors will take cues from the outcome of the ECB interest rate meeting and US Non-Farm Payroll data to be released on Friday. Also, the second set of economic data would continue to drive the market sentiments. We expect Nifty to move towards 22700-22750 in the next few days with the ongoing rally focused towards large caps.
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