Market to react domestic data, global central banks policy outcome

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Market to react domestic data :

Market to react domestic data : Indian benchmark indices ended with nearly 2 percent gain during the week ended December 10 on supportive global markets and easing omicron fears, while in-line RBI policy outcome also boosted the investors’ sentiments. In the last week, BSE Sensex added 1,090.21 points (1.88 percent) to close at 58,786.67, while the Nifty50 rose 314.6 points (1.82 percent) to end at 17,511.3 levels.

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Indian benchmark indices ended with nearly 2 percent gain during the week ended December 10 on supportive global markets and easing omicron fears, while in-line RBI policy outcome also boosted the investors’ sentiments. In the last week, BSE Sensex added 1,090.21 points (1.88 percent) to close at 58,786.67, while the Nifty50 rose 314.6 points (1.82 percent) to end at 17,511.3 levels.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas | The consolidation can continue for some more time before the Nifty prepares for the next leg on the upside. The index can take a dip towards 17300-17250 in order to fill up a recent gap area on the daily chart. On the other hand, once the level of 17600 is crossed on a closing basis, it will make a room for the Nifty to take a shot at 18000 subsequently.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas | The consolidation can continue for some more time before the Nifty prepares for the next leg on the upside. The index can take a dip towards 17300-17250 in order to fill up a recent gap area on the daily chart. On the other hand, once the level of 17600 is crossed on a closing basis, it will make a room for the Nifty to take a shot at 18000 subsequently.

Ajit Mishra, VP Research. Religare Broking | The coming week is going to be critical for the markets as we have some important data and events are lined up. First, participants will react to the IIP data on Monday. Both CPI and WPI inflation data are also scheduled in the following sessions. The primary market will see 3 IPOs, HP Adhesives, Data Patterns, Medplus Health Services, opening for subscription next week. Importantly, we have the US Fed meet also scheduled and they will announce the outcome on December 15. Apart from these data, the updates on the global COVID situation will remain on participants’ radar. Though the fear about the new COVID variant has subsided, we’re still seeing volatility across the globe and expect the trend to continue next week as well. Going ahead, we feel the recovery would remain uneven thus recommend continuing with a positive yet cautious approach. On the index front, Nifty would face resistance around 17,600 and 17,800 zone while on the downside 17,300-17,150 zone would act as a cushion in case of any dip. Since we’re seeing a mixed trend across sectors, the focus should be on stock selection.

Market to react domestic data : Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities | We are of the view that the uptrend will continue but before a fresh breakout the market may consolidate within the range of 17350 to 17600. Above the same, we could see the continuation wave up to 17700-17850 levels. On the flip side, dismissal of 17350 could possibly trigger one more leg of correction up to 17300-17260 levels. Contra traders can take a long bet near 17260 level with a strict support stop loss of 17200. In the meantime, after a reversal formation the Bank Nifty is currently trading near the 50 and 20 day SMA. Direction wise, the uptrend will remain intact as long as Bank Nifty does not break 36550, which is an important retracement level.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One | One needs to now start lightening up longs if Nifty extends the relief move in the coming sessions. On the flip side, we sense the base has shifted higher and the bullish gap left on Wednesday at 17250 – 17300 is to be seen as key support. During the week, we witnessed many astonishing moves in midcap and small-cap stocks and traders can continue with the stock-centric approach; however they need to be very selective going ahead as we are approaching the resistance zone.

Market to react domestic data :Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One | One needs to now start lightening up longs if Nifty extends the relief move in the coming sessions. On the flip side, we sense the base has shifted higher and the bullish gap left on Wednesday at 17250 – 17300 is to be seen as key support. During the week, we witnessed many astonishing moves in midcap and small-cap stocks and traders can continue with the stock-centric approach; however they need to be very selective going ahead as we are approaching the resistance zone.

Vinod Nair, Head of Research at Geojit Financial Services | The market trend in the coming week will be determined by the domestic and US November inflation data. Ahead of the Fed meeting, global investors are keenly awaiting the US inflation data which is due for release today, in order to gauge the Fed’s decision on rolling back economic stimulus. The market is expecting both domestic and US inflations to be higher than its previous month levels.

Vinod Nair, Head of Research at Geojit Financial Services | The market trend in the coming week will be determined by the domestic and US November inflation data. Ahead of the Fed meeting, global investors are keenly awaiting the US inflation data which is due for release today, in order to gauge the Fed’s decision on rolling back economic stimulus. The market is expecting both domestic and US inflations to be higher than its previous month levels.

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