Market View: 2-6 OCT 2017

Filed in Market Update by on October 3, 2017
Week Market View: 2-6 OCT 2017
View Last week the NIFTY closed at 9788.60 registering a loss of 1.76% compared to last week. It was a consecutive weekly correction due to global negativity, high crude prices and heavy selling from the FII’s. There were some clues of a pullback in the later half of the week but that was erased due to some heavy profit booking coming in on account of the festive season and market unpredictability. The markets may not have bottomed out yet. That’s primarily because of the GST impact that would show up in the quarter earnings and also weak economic growth. Any negative news would lead to further fall in the markets. Hence the markets as of now may not be reasonably valued. This week, the NIFTY could continue to consolidate with a negative bias. The consolidation range would be 9700-10000. The immediate trigger for the markets would be a surprise from the quarter earnings and the RBI monetary policy to be announced this week. We will have to wait and watch. There is nothing really negative or wrong with our markets. The current phase will be really positive considering our long term bull run. Hence, this is a buy on dips markets. Good time to align your portfolio with some quality stocks. 9700 will be an important support for the NIFTY. All the best!

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