20-10-2024 10:13 AM | Source: Geojit Financial Services
Weekly Market Outlook from Vinod Nair, Head of Research at Geojit Financial Service
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Below the Quote on Weekly Market Outlook from Vinod Nair, Head of Research at Geojit Financial Service
"A sustained selling pressure from FPIs, muted Q2 earnings expectations, and elevated valuations acted as a headwind for the market. Insipid demand and volatility in input prices are the hinderance of a slowdown in earnings during the quarter. Geopolitical tensions and uncertainty ahead of the US presidential election paved the way for haven asset gold to climb a new record high. While a caution from an auto major about weak festival demand further added pressure on the indices. Bank Nifty, on the other hand, recouped the current week losses on account of a positive start to the earnings season with lower-than-expected slippages, supporting large private banks.
We expect the investment strategies favouring China over India may tactically support for the short term. However, the long-term outlook for the domestic market remains robust with a stability in growth and a pickup in capex. We expect the market to be range-bound in the short term with mixed bias, while investors should turn more sector- and stock-specific in such a time. Focus will be on large caps and growth areas like staples, agriculture, FMCG, consumption, power, digital, and infra. Buy-on dips will be the strategy on a short- to medium-term basis."
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