Hello reader, hope you’re doing well. Apologies for missing out on the blog post yesterday, as I’d been travelling. A positive start has been observed in Asia’s major markets, leading to early optimism. This has resulted in an upward trend in the markets, with the Nifty index staying above its 200-day moving average at 17499. The upcoming economic readings and corporate earnings announcements this week will determine whether this trend will continue or weaken in the near future. Investors will closely monitor the local CPI inflation and IIP numbers, along with the US inflation figures to be released on Wednesday. Furthermore, the quarterly results of TCS and Infosys on Wednesday and Thursday, respectively, will also be important in determining the market’s direction.
Important points to note:
- Nifty near key resistance point of 17700, but with RSI moving above 56 zone, there is a good upside bias for the index with targets of 18100-200 levels.
- PSE sector being pretty strong right now with NTPC and Powergrid being the main leaders.
- Coal India also looking bullish, a break above 227 levels will open up space to move upto 260 levels.
- Banknifty giving a close and sustaining above 41300 levels will open up for higher targets of 42000 and above.
As always, risk management is key, and a proper system in place prevents one from losing out too much, in case of outlier events. Have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.
Waiting for your post after the quarterly results!