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Nifty may inch towards record high, stay cautious: Experts

We might see a pause early next week but the bias would remain on the positive side and there’ll be no shortage of trading opportunities, says Ajit Mishra, VP - Research, Religare Broking.
Nov 9, 2020 / 08:28 AM IST
Last week market gained more than 5 percent supported by the positive global cues and better earnings from the India Inc. BSE Sensex rose 2,278.99 points or 5.75 percent to close at 41,893.06, while the Nifty50 jumped 621.1 points or 5.33 percent to end at 12,263.50 levels.
Last week market gained more than 5 percent supported by positive global cues and better earnings from India Inc. BSE Sensex rose 2,278.99 points, or 5.75 percent, to close at 41,893.06, while Nifty50 jumped 621.1 points, or 5.33 percent, to end at 12,263.50 levels. Here are some expert views on what to expect this week: 
Sanjeev Zarbade, VP PCG Research, Kotak Securities | Going ahead, we would sound a word of caution as valuations are almost fair. At this juncture, investors are advised to be wary of market correction. Don’t rush to buy just because markets are making new highs, is our suggestion.
Sanjeev Zarbade, VP PCG Research, Kotak Securities | Going ahead, we would sound a word of caution as valuations are almost fair. At this juncture, investors are advised to be wary of market correction. Don’t rush to buy just because markets are making new highs, is our suggestion.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | 12200 was a resistance level for this month's expiry. We have successfully crossed and closed above that. This should push the Nifty to its next level which is 12400. The macro trend of the index is positive and any dip or correction can be utilised to buy into this market. The Nifty has a very good support at 11500.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | 12200 was a resistance level for this month's expiry. We have successfully crossed and closed above that. This should push the Nifty to its next level which is 12400. The macro trend of the index is positive and any dip or correction can be utilised to buy into this market. The Nifty has a very good support at 11500.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Technically Nifty formed a bullish candle on daily and weekly scale and is likely to witness an up move towards it’s life time high of 12430-12500 while support exists at 12000-11900. Volatility has significantly cooled down which gives stability to the bulls in the market to ride the momentum. The overall structure of the market remains positive. With the economic activity recovering fast, more earnings upgrade cannot be ruled out. Further strong global markets can keep the liquidity abundant in the system, thus providing support to the overall market.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Technically Nifty formed a bullish candle on daily and weekly scale and is likely to witness an up move towards it’s life time high of 12430-12500 while support exists at 12000-11900. Volatility has significantly cooled down which gives stability to the bulls in the market to ride the momentum. The overall structure of the market remains positive. With the economic activity recovering fast, more earnings upgrade cannot be ruled out. Further strong global markets can keep the liquidity abundant in the system, thus providing support to the overall market.
Vinod Nair, Head of Research at Geojit Financial Services | Positive global sentiment from the US election, expectation of Fed open market operation and improving economic activities have added optimism. It can take Indian market to a new zone over-weighing worries over increasing Covid cases backed by a strong performance in sectors like banking, IT, Pharma and exporters. We expect this momentum to sustain aided by positive Q2 results, favorable economic data, strong FII buying and expectations of an additional stimulus package.
Vinod Nair, Head of Research at Geojit Financial Services | Positive global sentiment from the US election, expectation of Fed open market operation and improving economic activities have added optimism. It can take Indian market to a new zone over-weighing worries over increasing Covid cases backed by a strong performance in sectors like banking, IT, Pharma and exporters. We expect this momentum to sustain aided by positive Q2 results, favorable economic data, strong FII buying and expectations of an additional stimulus package.
Joseph Thomas, Head of Research - Emkay Wealth Management | The frontline indexes moved up further today, and rally was seen in all major sectors except FMCG, auto and healthcare. The market seems to be quite happy about greater certainty about US policies in the coming days. However, it is a fact that the markets have moved up too fast in too short time, and this calls for focus on quality stocks and actively managed portfolios. The final outcome of the US election, the state of the pandemic, and the future course of the Indo-China border conflict are factors which are relevant to trade trajectory of the markets in the coming weeks.
Joseph Thomas, Head of Research - Emkay Wealth Management | The frontline indexes moved up further today, and rally was seen in all major sectors except FMCG, auto and healthcare. The market seems to be quite happy about greater certainty about US policies in the coming days. However, it is a fact that the markets have moved up too fast in too short time, and this calls for focus on quality stocks and actively managed portfolios. The final outcome of the US election, the state of the pandemic, and the future course of the Indo-China border conflict are factors which are relevant to trade trajectory of the markets in the coming weeks.
Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities | Further upside is clearly visible but we need to be stock specific until the market doesn't cross and sustain above 12450. On the downside, Nifty 50 index is expected to find support between 12000 and 11900 levels.
Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities | Further upside is clearly visible but we need to be stock specific until the market doesn't cross and sustain above 12450. On the downside, Nifty 50 index is expected to find support between 12000 and 11900 levels.
Markets - Image: Reuters
Ajit Mishra, VP - Research, Religare Broking | Markets are currently riding high on global optimism and favorable earnings announcements. As a result, the benchmark indices have also reached closer to their record high. We might see a pause early next week but the bias would remain on the positive side and there’ll be no shortage of trading opportunities. However, we feel traders should maintain extra caution in the selection of stocks as we may continue to see volatile swings across the board.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The short term trend of Nifty continues to be positive. One may expect a formation of new all-time high soon in the market (above 12430). A sustainable move above this hurdle could pull Nifty towards 12600-12700 levels in the next few weeks. Intra-week dips could be a buying opportunity for the near term. Immediate support is placed at 12150.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The short term trend of Nifty continues to be positive. One may expect a formation of new all-time high soon in the market (above 12430). A sustainable move above this hurdle could pull Nifty towards 12600-12700 levels in the next few weeks. Intra-week dips could be a buying opportunity for the near term. Immediate support is placed at 12150.
Rakesh Patil
first published: Nov 9, 2020 08:28 am

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