Markets being oversold previous week re-bounded back last week to end the day and the week on positive note. Bharti Airtel (1.73%), Reliance Industries (1.78%) performed well, while the laggards were Tata Motors (-2.82%), GDL (-1.67%) etc. This bounce back occurred on the back of USA deferring to increase the interest rates, monsoons showing positive signs, and Finance Minister’s visit to US, wherein he said that an 8 to 10 percent growth by India is quite achievable in times to come and also spoke positively about the GST. Despite the sharp pull-back rally last week, markets are still not out of the woods and it is likely to remain range bound and volatile.
Technically, 8090 on the Nifty is a very critical support and as long as Nifty is above this level, markets can trend upwards, and a close below this crucial level of 8090, one can witness a huge sell-off. The current up-trend in the market would test 8275 to 8370 levels, and only a close above 8370, the short term trend would turn upwards. However, the intermediate trend (medium term) will only be up only if it manages to close above 8650.
Investors can remain stock-specifically optimistic on the markets and accumulate selected bullish stocks from sectors like Auto, Oil & Gas, Consumers and Capital Goods.
Click Here to go through our Weekly Newsletter
Contact us Here:
PRAGMATIC WEALTH MANAGEMENT PVT. LTD.
102, 1st Floor, Topaz Society,
Dr. Nair Road, Agripada, Mumbai Central (E), Mumbai 400011