Nifty View: Equities recovered fully from budget disappointments, RBI buoys the sentiments

market update

Trekking through the markets

Equities recovered fully from budget disappointments, RBI buoys the sentiments

Indian equities recovered all the losses made in the budget week. RBI credit policy announcement cheered the market sentiments. The market breadth widened materially with midcap stocks doing the best. The volatility diminished materially. Volumes and level of activity was above average.

All sectoral indices ended the week with gains. Commodities, especially metals, were best performers for the week. Non financial PSEs, private financials and realty were other major outperformers. FMCG, PSU Banks and IT were notable underperformers.

Global markets: Risk trade comes back as Brexit is done

The risk trade came revived in the global markets after last week’s sell off. Equities recorded decent gains all over. Bonds corrected and USD strengthened. Volatility was lower. Precious metals lost and copper gained. Crude was however lower on Chinese demand concerns.

Outlook for the week

The outlook for Nifty continues to remin positive for this week. The momentum remains strong therefore the chances of changes in the trend are possible during the course of the week. The long positions in Nifty may be initiated or held with a stop loss of 11923. The short positions may be covered or held with a strict stop loss of 12136 on closing basis.

The outlook for Bank Nifty is also positive for the week. The long positions may be initiated or held in Bank Nifty with a stop loss of 30802. The short positions may be covered or held with a stop loss of 31590.

Market trend and outlook

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Indian markets last week

Global markets last week

Author: Midas Finserve

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