Market Brief – Amongst the mixed news flows, weak global cues and falling crude prices, strengthening of Rupee kept the market jittery, as a result market remain volatile and range bound finally on Friday it rallied to end the week on flat note, still giving hope to Bulls. Prime Minister statement that India is having a robust growth and will be a $5 trillion economy, this news is likely to keep market buoyant, with corporate result is expected to delivers good numbers hence markets are showing strength and it appears 10600 is fundamentally strong floor for the market. Sectors that are likely to do well are the Financial, Consumer Goods, Information Technology and Pharmaceuticals the stock of other sectors will selectively do well. This a good time to Buy selected stocks from the mentioned sectors. The deterrent for the market is the upcoming Assembly Elections and it needs to see how it unfolds
Technical– Nifty remains in a range last week and finally ended the day on positive note and the week ended on flat note. Markets has been in a sideways for past two months now, hence a break out above 10950 would witness a swift rally and market will soon see a new historic high, However since the market is still in a range any severe bad news and a close below 10550 would see the market going for deep correction and perhaps even 10000 – 10200 is a possibility, but its early to say that and the probability of market going up is higher. Hence we can conclude that marker is still in the safe hands of Bull and likely to see new high.