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Last Updated : Oct 05, 2020 07:29 AM IST | Source: Moneycontrol.com

Nifty may witness profit booking at higher levels, earnings in focus: Experts

There is a higher possibility of profit booking emerging from the highs by next week. Immediate supports to be watched at 11260, says Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Sensex

Last week, benchmark indices ended higher on the back of positive global and domestic cues, including rising hopes of an additional stimulus package in the US, decent auto numbers and another phase of Unlock, provided support to the market. Here are some expert views on what to expect this week:

Ajit Mishra, VP - Research, Religare Broking | The next week marks the beginning of earnings season and among the top names, IT major, TCS, is scheduled to announce its number on October 7. Besides, news related to COVID-19 and updates on the US Presidential election will also be closely tracked. The rebound in banking and financials is a welcome relief as other sectors, by and large, are performing well. Though the breakout above 11,300 in Nifty has again shifted the bias in the favour of bulls, we suggest maintaining a positive yet cautious approach, considering the recent volatility and upcoming events. Besides, Nifty has a minor hurdle at 11,470 and we might see some profit-taking around that zone. Considering all, traders should maintain their focus on the selection of stocks and managing overnight risk.

Ajit Mishra, VP - Research, Religare Broking | The next week marks the beginning of earnings season and among the top names, IT major, TCS, is scheduled to announce its number on October 7. Besides, news related to COVID-19 and updates on the US Presidential election will also be closely tracked. The rebound in banking and financials is a welcome relief as other sectors, by and large, are performing well. Though the breakout above 11,300 in Nifty has again shifted the bias in the favour of bulls, we suggest maintaining a positive yet cautious approach, considering the recent volatility and upcoming events. Besides, Nifty has a minor hurdle at 11,470 and we might see some profit-taking around that zone. Considering all, traders should maintain their focus on the selection of stocks and managing overnight risk.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Going ahead, market may continue with its positive trend in near term amid hopes of stimulus announcement – both from US government and Indian government. Technically too, Nifty formed a Bullish candle on daily and weekly scale and is holding well above its 50 DMA. Next week market would get direction from the decision on loan moratorium case on Monday and RBI’s monetary Policy on Tuesday. The second quarter results would also kick start next week with TCS reporting its numbers on Wednesday.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Going ahead, market may continue with its positive trend in near term amid hopes of stimulus announcement – both from US government and Indian government. Technically too, Nifty formed a Bullish candle on daily and weekly scale and is holding well above its 50 DMA. Next week market would get direction from the decision on loan moratorium case on Monday and RBI’s monetary Policy on Tuesday. The second quarter results would also kick start next week with TCS reporting its numbers on Wednesday.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | On Monday, 11460 and 11450 would be major hurdles for the Nifty 50 index, however, the outcome from the Supreme Court on the interest waiver would decide the broader trend for the market. Index would find supports at 11300 and 11250 levels.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | On Monday, 11460 and 11450 would be major hurdles for the Nifty 50 index, however, the outcome from the Supreme Court on the interest waiver would decide the broader trend for the market. Index would find supports at 11300 and 11250 levels.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The continuation of upside momentum after a minor pause on Thursday open more upside in the near term. Now, the crucial upside levels to be watched to maintain broader negative bias is around 11550-11650 levels. There is a higher possibility of profit booking emerging from the highs by next week. Immediate supports to be watched at 11260.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The continuation of upside momentum after a minor pause on Thursday open more upside in the near term. Now, the crucial upside levels to be watched to maintain broader negative bias is around 11550-11650 levels. There is a higher possibility of profit booking emerging from the highs by next week. Immediate supports to be watched at 11260.

Sanjeev Zarbade, VP PCG Research, Kotak Securities | Going ahead, the market’s focus will shift to the earnings numbers especially from the IT frontline companies and also on the presidential debates in the US.

Sanjeev Zarbade, VP PCG Research, Kotak Securities | Going ahead, the market’s focus will shift to the earnings numbers especially from the IT frontline companies and also on the presidential debates in the US.

First Published on Oct 5, 2020 07:29 am
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