Market saw moderate gains in the week ended April 8 amid high volatility as foreign investors (FIIs) remained net sellers after hawkish US Fed stance, rising US bond yields and sanctions on Russia. However RBI's monetary policy with no rate hike provided some support to the market. HDFC twins' merger also gave a boost. For the week, BSE Sensex was up 170.49 points (0.28 percent) and ended at 59,447.18, while the Nifty50 added 113.9 points (0.64 percent) to end at 17,784.35 levels.
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities | Technically, after a short-term correction, on weekly charts the Nifty has formed a Doji candlestick formation which clearly shows indecisiveness between the bulls and bears. The market took the support near the 10-day SMA and formed a promising reversal formation which indicates continuation of a pullback rally in the near future. We are of the view that the rangebound texture is likely to continue in the short run. For the bulls, 17550 would be the key support zone, above which the index could hit the level of 17900-18000. On the flip side, if the index closes below the 10-day SMA or 17550, it could hit 17400-17300 levels.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas | On the weekly chart, the index has formed a candle that resembles a Doji pattern, which indicates loss of momentum after the recent run-up from 17000. The daily momentum indicator is also showing signs of fatigue. The overall structure suggests that a short-term consolidation is on the cards that can develop in the range of 17500-18000 over the next couple of weeks.
Yesha Shah, Head of Equity Research, Samco Securities | Inflation and results will take centrestage in the coming week. While global investors will be influenced by the inflation numbers of the United States and China, the CPI print in India will be an important domestic indicator to keep an eye on. A higher-than-expected jump in inflation might provoke knee-jerk reactions. Additionally, Indian IT firms will be in the spotlight as the leaders will announce their Q4 results. While largely the consensus is that the revenue growth will soften sequentially, important factors that D-Street will track are the margins, revenue guidance, and attrition numbers. As the truncated week is expected to be action-packed, volatility will be elevated. Investors are recommended to invest in stocks that are resilient and have a reasonable margin of safety.
Manish Shah, Independent Technical Analyst | Nifty is likely to see a rally towards the 18100-18300 area over the next couple of trading sessions. Next week we only have three trading days. So it is going to be a truncated week. As long as support at 17700 holds expect Nifty to revisit the 18300 area in the next couple of days. The forthcoming weekly expiry will belong to the bulls.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One | For the coming week, 17600 followed by 17400 are likely to provide some cushion for the index and till the time, we do not close below these key levels, we would continue with our ‘Buy on decline’ strategy. On the flip side, the first sign of strength would be visible after surpassing the 17900 mark. The coming week is likely to be the truncated one and hence, do not expect any big bang moves in key indices. The upside as of now looks limited for the week towards 18000 – 18100. But the way the broader market kept buzzing in the challenging phase this week as well, one must continue to focus outside the index.
Ajit Mishra, VP - Research, Religare Broking | The coming week is a holiday-shortened one but it’s going to be critical as it kickstarts the earnings season with two IT majors, TCS and Infosys, and banking heavyweight, HDFC Bank, will announce numbers during the week. Besides, on the macroeconomic front, participants will be eyeing IIP and CPI Inflation data on April 12. Apart from the domestic factors, global cues like updates on Russia-Ukraine and the performance of global markets will remain on the radar. Indications are in the favour of further consolidation in Nifty however earnings season would offer ample trading opportunities across the board. On the index front, the Nifty would face resistance around the 18,000-18,150 zone and the 17,250-17,400 zone would act as a cushion in case of any dip. Since we’re seeing a mixed trend across sectors, traders should prefer stocks that are showing relatively higher strength. Investors, on the other hand, should closely watch earnings and align their portfolios accordingly. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
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