Hello reader, hope you’ve had a good weekend. After last Friday’s rout, markets may feel the pinch and extend fall in early trades Monday amid weakness in the Gift Nifty index. With US Nasdaq retreating further on Friday, technology stocks in the domestic market could mirror the trend, especially after the disappointing revenue guidance from Infosys last week. The RIL counter would be in focus today after the company’s GDRs plunged 6% in London trading post its Q1 results on Friday.
Markets may witness sharp intraday sideways movement in next few sessions ahead of the US FOMC meeting outcome on Wednesday, as investors would be closely watching US Fed’s forward looking statement on interest rate movement for the rest of the year. On the technical front, hurdles for Nifty are now at 20000 mark on closing basis, while support is placed at 19500 zone.
RIL Q1 Results misses street estimates due to weak performance in oil-to-chemicals (O2C) business on account of a sharp reduction in crude oil prices and lower price realisation of downstream products, while double-digit growth in the segments like retail and digital services helped RIL to report stable growth.
Reliance opening 2% down today has had a good impact on Nifty, to trade lower since opening. Gail looking good for a breakout and move on upside from here, first 120, post which we can see 130-140 in this stock. Tata Steel, Canara Bank, TVS Motors, HDFC AMC and IDBI bank among the good ones to announce their results today.
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.