Weekly Note : Nifty made a new record high on the final day and eventually settled at 20,267.90 levels Say`s Ajit Mishra, Religare Broking
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Below the Weekly Note by Mr. Ajit Mishra, SVP - Technical Research, Religare Broking Ltd
Markets extended gains for the fifth successive week and rose nearly two and a half percent. Favorable global cues triggered an upbeat start, which further strengthened with rotational participation from the index majors, especially from the banking and financial pack. Among the benchmark indices, Nifty made a new record high on the final day and eventually settled at 20,267.90 levels and Sensex also settled closer to the week’s high at 67,481.19 levels. The broader indices continued their outperformance and gained nearly 3% each.
The buoyancy of the global markets, especially the US, has played a critical role in the recent up move and we expect the same to continue. The Dow Jones Industrial Average (DJIA) has surpassed the hurdle of the previous swing high of 35,700 levels and is likely to inch gradually towards its record high i.e. 36,952.65 levels. In case of any dip, the 35200-35700 zone would offer the needed cushion.
We are eyeing the 20,500-20,750 zone in the Nifty and expect the index to hold the 19,850-20,050 zone, in case of any profit taking. While all the sectors are contributing to the move, a catch-up move in banking, FMCG and IT pack may result in selective outperformance so align your trades accordingly. Though the broader indices have been consistently beating the benchmark, we feel it is now time to be careful in stock picking in midcap and smallcap space and prefer high quality names.
Above views are of the author and not of the website kindly read disclaimer
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