Weekly Note : Markets extended a gaining streak for the fourth successive week and rose nearly half a percent by Mr. Ajit Mishra, SVP- Technical Research, Religare Broking Ltd
Below the Quote on weekly note by Mr. Ajit Mishra, SVP- Technical Research, Religare Broking Ltd
Markets extended a gaining streak for the fourth successive week and rose nearly half a percent. A strong up move at the beginning strengthened the bulls, followed by muted sessions in the middle. However, renewed buying in the final sessions aided the index to close around the week’s high. On the sectoral front, pharma, energy and banking gained maximum while IT and Realty closed lower. At the same time, the underperformance continued on the broader front wherein the midcap index remained in a range while smallcap shed ~3%.
Apart from the scheduled macroeconomic data, the performance of the global indices would continue to offer cues over market direction. Currently, the US markets are seeing some profit taking, after a steady uptrend for 4 months. And, that might result in intermediate volatility in our markets too, especially at the open.
Markets have been gradually inching higher with every passing week, thanks to rotational buying across the key sectors however we are seeing selective participation now. Having said that, we expect Nifty to maintain the prevailing tone and gradually inch toward 22,800. On the downside, the 21,900-22,150 zone would offer a cushion in case of any profit taking. Traders should maintain stock-specific trading approach and prefer index majors and large midcaps for long trades.
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