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Mkts this week: Global mkts important for Nifty's momentum
The market is at the crossroads after witnessing a roller-coaster ride in the past two weeks. How is the next week expected to pan out? CNBC-TV18’s Managing Editor Udayan Mukherjee said the next week was the test of the intermediate high for the Nifty. The RBI's monetary policy on Tuesday made it even more important, he added.
The market is at the crossroads after witnessing a roller-coaster ride in the past two weeks. How is the next week expected to pan out?
CNBC-TV18's Managing Editor Udayan Mukherjee said the next week was the test of the intermediate high for the Nifty. "We are now within 70-80 points of the last high at 4,650. The big question, as we go into the next five trading sessions also coincides with the last week of what has been a really good earnings season so far," Mukherjee said, adding that the RBI's monetary policy on Tuesday made it even more important.
"By the end of next week, one would know whether the Nifty has enough momentum to take it past that 4,650-4,700 level for which global markets will have to play an important supportive role. Or the Nifty may stall here and give a sense that a lot more time and effort needs to be spent before that level can be crossed."
Nifty going up ahead would mainly depend global markets as earnings had been okay, Mukherjee said. "The monetary policy will lend a little bit of an impact for the market but it is test of 4,650-4,700 that we watch next week."
