Market View: Week Starting 30th OCT 2017

Filed in Market Update by on October 30, 2017
Week Market View: Week Starting 30th OCT 2017
View Last week the NIFTY closed at 10323 registering a gain of 1.74% over previous week. The quarterly results were positive last week. The government announced a bank recapitalization plan of Rs 2.11 lakh crore as well as an infrastructure push worth Rs 7 lakh crore. There were positive global cues too. All of this led to huge buying from the FII’s which contributed to the rally. This week again would be dominated by earnings, around 300 companies would be announcing their results. The PMI index too would be out this week. On the global front the markets would take clues from the meetings between the FED, BOA and bank of England. Geopolitical tensions between the US and North Korea and movements on Catalonia and Spain would also be watched. Technically The NIFTY shows a breakout on the weekly chart and hence our overall outlook remains bullish. We need to observe caution only if we see NIFTY below 10250 levels. Till then we could see further upsides from here on. All the best!

Comments are closed.