Weekly Note: Markets rebounded after spending two weeks in a corrective phase and gained 2%, thanks to favorable cues By Ajit Mishra, Religare Broking
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Below are Views On Weekly Market Analysis By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets rebounded after spending two weeks in a corrective phase and gained ~2%, thanks to favorable cues. The tone was positive for most of the week citing favorable global cues and buying in select heavyweights however underperformance of banking majors continues to weigh on the sentiment. Among the benchmark indices, Nifty managed to retest its record high but eventually settled at 21,853.80 levels. All the key sectors participated in the move wherein energy, metal and auto were among the top performers. Interestingly, the broader indices continue to positively surprise despite the overbought reading and gained in the range of 2.7%-5.6% respectively.
We expect volatility to remain high in the coming week as well and the focus will be on earnings and RBI meet for cues. On the global front, the steady uptrend in the US markets will continue to favor the bulls and we maintain our target of the 39,000 mark for the Dow Jones Industrial Average (DJIA).
On the domestic front, Nifty has been maintaining a positive tone amid the consolidation phase and needs a decisive close above 22,150 to mark the next leg of the upmove towards 22,500+ else range bound bias would continue. While all the key sectors are playing their part, consistency in the banking majors would be critical for a steady uptrend. Meanwhile, traders should continue their focus on sectors/themes like energy, auto, IT, metal & pharma which are playing out well and stay selective in midcap and smallcap space.
Above views are of the author and not of the website kindly read disclaimer
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