GDP data, monetary policy panel meeting, auto sales to drive market this week: Experts
As long as 15000 holds, traders can utilize any dip to accumulate long positions for higher targets, says Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Last week, the market gained nearly 2 percent with Nifty hitting fresh record high on the back of positive global and domestic cues including continuing decline in fresh COVID-19 cases in India with gradual reopening of the domestic economy.
2/9
Ashis Biswas, Head of Technical Research at CapitalVia Global Research | The market is expected to be in a range of 15,250-15,600, and it's going to be crucial in the short term for Nifty to sustain above 15,250.
3/9
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | Last week the market closed well above the resistance of 15,300 and should be headed higher to levels closer to 15,600. As long as 15,000 holds, traders can utilise dips to accumulate long positions for higher targets.
4/9
Nirali Shah, Head of Equity Research, Samco Securities | Developments surrounding inflation continue to be on everyone’s watch. The opening up of our economy will have a hold over how the demand shapes up. The true picture of the damage by the second wave will only be visible in the June quarter results but until then management commentaries will continue to guide the Street. With no concrete triggers in place yet, markets continue to look for a strong reason to advance towards the unknown atleast in the near-term. Therefore, investors should seek selective bets, and wait for corrective moves before investing for long term.
Ajit Mishra, VP Research. Religare Broking | In the coming week on the macroeconomic front, we have GDP data for the first quarter, core sector data, Markit Manufacturing PMI and Markit Services PMI data. Besides, monthly auto sales numbers and Monetary Policy Committee (MPC) review meeting scheduled next week and participants expect accommodative stance to continue. On the benchmark front, we expect the prevailing uptrend to continue with intermediate corrective moves. In case of any dip, Nifty would find support around 15,150-15,300 zone while 15,600-15,700 zone might act as a hurdle. With markets at a record high, we feel it’s prudent to maintain a positive yet cautious approach and continue with the “buy on dips” approach.
6/9
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | According to Weekly and Daily formation, the Nifty can stop once between 15500 and 15600 levels. The 15250 and 15100 are big pillars for the market and as long as the Nifty stays above 15100, we can see the level of 16000 to 16200. The strategy should be to buy on dips. Bank-Nifty is also showing strength and we can see the level of 36500 in the coming weeks. Bank-Nifty's main support is 34400 and 34000.
7/9
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | Positive global cues, fall in fresh Covid cases in India, gradual reopening of the domestic economy and reports of government stimulus in India would continue to lend support to the in the month of June 2021.
8/9
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | As the 2nd Covid-19 wave continues to recede in India and pace of vaccination expected to pick up from next month, we expect the long term fundamentals to remain intact. Rising global inflation is a worry but is unlikely to hurt India, unless energy prices start picking up. Further various Central Banks have maintained their hawkish outlook. Next week RBI’s MPC would be key moniterable, where also the officials are expected to maintain their accommodative stance. On the other hand, US markets are shut on Monday due to Memorial day.
Joseph Thomas, Head of Research, Emkay Wealth Management on Market | The US numbers, the RBI MPC meeting next week, and the further gains in the pandemic conditions are likely to engage the attention of market participants in the coming week.
