During the current week, Nifty witnessed a highly volatile session, after breaking the trend line support at 15,160, after touching the high levels of 15,250 on the same day. It made the lows of 14,977, trading below 15,000 mark during the week. Sensex neared 52,000, touching 51,780 and it fell to 51,314 on the same day, witnessing a movement of around 466 points.
The market touched the high levels as it countersigned fund inflows from FIIs and FPIs. Better than expected quarterly result season also aided in uplifting the investors’ sentiments in the equity market. All the banking stocks have been continuing their uptrend, since a day before the RBI policy was announced, where, the RBI kept the rates unchanged as a plan to infuse liquidity in the market in order to revive the country’s economy from the adverse effect of COVID-19. However, the markets dipped as the investors started booking the profits, after the markets touched high levels.
The volatility in the market has been contributed by major global economic events such as US’ CPI inflation at part with the market expectations, better than expected crude oil inventory numbers, unemployment claims and Factory Orders, Eurozone’s and UK’s Final Services PMI and PPI, which supported the uptrend. Whereas, lower than expected UK’s construction PMI numbers, Eurozone’s Retail Sales, US’ Non-Farm Employment Change weighed on the equity markets.
As far as sectoral indices Nifty PSU Bank has gained as more as 8.3% in past 6 trading sessions, Nifty Metal has gained 5.0%, Nifty Realty gained 4.7%, Nifty Energy, Nifty Financial Services and Nifty Auto gained more than 2.5%, Nifty Pharma and Nifty FMCG gained more than 1.5% during the same period. Whereas, Nifty Media lost 3.3% during the same period.
For the upcoming week, 15,250 will be an important level to keep an eye at. We expect Nifty to be in the range of 15,000 – 14,882 – 14,800 to 15,250 – 15,285 – 15,380 for the week, whereas, we expect Bank Nifty to be in the range of 35,400 – 35,013 – 34,599 to 36,197 – 36,612 – 36,996.
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