Dear patrons, welcome to the weekly analysis of the equity markets. We had a truncated week, owing to holiday on the occasion of Vijayadashami. Next fortnight marks the biggest festivities in India and the markets are likely to soak in the festive mood.
On the last trading day Nifty managed to cross 8300 but failed to sustain above and closed a tad below 8300. As suggested in previous blogs the action remained stock specific and News driven, due to results season.
The rally this Friday was on account of sharp rise in the Indices on the Wall Street and Europe. Dow Jones jumped nearly 2% on Thursday on the back of better than expected earnings. European Indices also saw major traction as ECB held the rates and also talked about a fresh stimulus for EU economy.
The News of a fresh stimulus by the ECB resulted in INR strengthening against the USD. INR gained handsomely in opening trade on Friday.
As we have been suggesting in this blog for last 2 weeks, the Nifty moved in a narrow range to end the week around 8300. The range for Nifty has now shifted to 8050-8550. We do not expect much volatility in the coming week, though its the expiry week. We expect expiry to be in the range of 8100-8300.
Once again, we should see a range bound movement in the indices and scrip specific action to continue for the next week.
Stay invested in good quality stocks.
Happy Investing!
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