Hello reader, hope you’ve had a good weekend. Markets may start on a flat note in Monday trades amid sluggishness in the Gift Nifty index, but an uptick in other Asian indices could revive the sentiment in later trades. The market is already in an overbought zone and hence the preferred theme could be consolidation in the near term. Also, the ongoing corporate earnings have been a mixed bag, indicating how the weak global economic macros and higher inflation levels are weighing on the companies. Traders may also exercise caution ahead of the next week’s RBI credit policy, although expectations of a status quo on key rates are high.
Important points to note:
- CNXPSE basket has been on a solid rally, expect some profit booking at 5500 levels.
- Time to slowly start adding longs in PSU banks, this sector is gearing up for a good rally from here.
- Maruti is a good candidate for upside from here, can target 10500-11000 levels in this stock.
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.