Weekly Market Analysis : Markets extended gains for the third successive week and made a new record high as well Says Mr. Ajit Mishra, Religare Broking
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Below Quote Daily Market Analysis 16 September 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets extended gains for the third successive week and made a new record high as well. The tone was positive from the beginning which strengthened further with rotational participation from the index majors across sectors. On the benchmark front, the Nifty index crossed the new milestone of the 20,000 mark and finally settled at 20192.30 level; up by 1.88%. Among the key sectoral indices, IT, banking and pharma were among the top gainers while realty and energy closed in the red. After weeks of outperformance, a sharp slide in the broader indices in the middle ended their gaining streak and both midcap and smallcap indices ended on a flat note.
As we closely track the global indices, especially the US, we feel improvement in their performance would further support the prevailing bullish sentiment at our end. The Dow Jones Industrial Average (DJIA) has managed to hold the trendline support around 34,000 but needs sustainability above the 35,000 mark to reinforce the positive bias.
Since the Nifty has reached closer to its immediate hurdle of 20,300 and the banking indexhas also retested its record high, we may see some consolidation now. On the downside, the 19,700-19,950 zone would act as a support in case of any dip. And, a decisive break above 20,300 would help the index to gradually move towards 20,700. Meanwhile, traders should continue with the “buy on dips” approach and maintain their focus on stock selection. We suggest preferring large cap counters and advise staying selective in midcap and smallcap space.
Above views are of the author and not of the website kindly read disclaimer
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