Experts expect Nifty to reach new heights in the coming sessions. Here are the key levels to watch out for

Global indices and covid updates will largely dictate the trend for the domestic stock market this week, analysts say. And new highs for Indian markets could be on the cards in the next session. Even though the earnings season is largely over and some companies like Grasim Industries, BPCL, Sun Pharmaceutical Industries and Eicher Motors are among the few large companies scheduled to report quarterly results this week. On Friday, excited about a downward trend in COVID-19 cases in India, Sensex rose nearly 1,000 points to 50,540.80 and Nifty jumped 1.8% to 15,175.30, extending weekly gains to more than 3%.

The Indian rupee too closed at a nearly two-month high jumped 29 peas to hit an eight-week high at 72.83 against the US dollar on Friday, charting positive domestic stocks and bullish Asian peers against the currency.More information is available at American.

However, equity markets could also experience volatility this week amid a derivative expiration on Thursday.

“The markets finally ended a 2-month consolidation phase and gained more than 3% last week. Signs of peaking COVID cases, combined with favorable global indices, have raised sentiment. Additionally, earnings announcements are also in line with expectations and supported the upside. Eventually, Nifty decisively broke the hurdle at 15,000 and stabilized around the week’s high. Wider markets also experienced healthy buying interest, as mid and small caps ended up 3.8% and 4.3% respectively, ”said Ajit Mishra, vice president of research, Religare Broking.

“We expect volatility to remain high next week due to the expected expiration of derivative contracts in May. Additionally, attendees will closely follow COVID-related updates as the reduction in cases prompted the hope for gradual unlocking by states. We believe our markets may outperform global peers in the near future, following favorable developments on the local front. On the benchmark front, Nifty may take a break around 15,300, followed by the record high hurdle. Almost all sector indices participate in the but the emphasis would remain on banking and financials to maintain the dominant momentum. We advise to align the trades with the trend and to avoid opposing positions. “

The daily increase in coronavirus cases in India today remained below 3 lakh for the seventh day in a row, with 2.4 lakh new cases recorded in a single day, the health ministry said. Union.

“The entry of new vaccines to the market, which will alleviate the supply shortage and a steady decline in new cases of COVID, are factors that boost investor confidence in the market. Therefore, the market will continue to focus on the COVID numbers to pump more optimism. . due to a relatively quiet week for economic data, ”said Vinod Nair, research manager at Geojit Financial Services.

On Friday, the Nifty Bank index jumped nearly 4%, after SBI, the country’s largest lender by assets, reported record quarterly profit.

Sameet Chavan, chief analyst – technical and derivatives at Angel Broking, said: Looking at Friday’s large turnout, especially how the banking space is in balance; we won’t be surprised if we are heading for an all-time high in the first half of the coming week. In fact, if all other factors are right, we could see new highs in the coming sessions as well. However, that said, we must not get too complacent and must closely monitor the behavior of global markets over the next few days. Any aberration on this aspect can again erode the possibility of a rally in the short term. It is better to take one step at a time and continue with a stock specific approach with good risk management. “

“Now the way things are set, the new test of the record 15,431.75 looks eminent. Before that, 15,220 – 15340 are the levels to watch. On the other hand, it is important to note that the immediate base moved higher towards 15,000 – 14,900 which is an encouraging sign, ”he added.

Nirali Shah, head of equity research at Samco Securities, says the Nifty50 index ended the week on a positive note and broke the previous short-term resistance of 15050. “Although it is trading very close to All-time highs it remains below the bullish channel and has yet to give any directional movement to break it. Nifty needs to close decisively above 15200 to initiate a further bullish rise within the channel. it is not taking a decisive direction, we maintain a sideways to slight bullish outlook. “

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