Market View: 20-24 NOV 2017

Filed in Market Update by on November 20, 2017
Week Market View: 20-24 NOV 2017
View Last week the NIFTY closed at 10283.60 registering a loss of 0.37% over previous week. After losing the ground in the first half of the week due to rising crude prices and widening trade definite, it picked up again in the later half by the surprised Moody’s India rating upgrade. The markets have factored in for September quarter earnings which were decent, rising crude prices and the overall GST impact. The things to watch out for from here on would be Gujarat Assembly Election results, the RBI monetary policy to be announced in the first week of December and the FED meet in the second week of December. Till then we would expect the markets to consolidate and show stock specific movement. Our domestic inflows have been very positive so far and also the September earnings have given a hint that the economic growth is turning around and the next quarter earnings are likely to be even better. Our macros overall are looking good and hence given all of this, a major correction is unlikely. In fact we are well poised for 10600 on NIFTY in the short term. If a small correction comes in, it would mainly due to global scenarios. Till the time NIFTY is above 10150, we have nothing really to worry for. 10350 will act as a resistance in the short term. We expect the markets to consolidate this week with a positive bias. All the best!

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