Free Stock market / Nifty intraday tips

Results may surprise markets on the positive, Nifty seen attempting 6,000: Analysts

buy-now-sell-now-stock-trading-ideas-for-next-weekThe Indian market showed resilience in trade today and bounced back in the last half-an-hour of trade even as the global markets witnessed sell-off on US debt ceiling concerns. The strength, back home, was largely on account of dollar inflows after the US national hold established its plan to continue with its amount easing program. After investing in shares worth Rs 13,057.80 crore in September, foreign institutional investors have bought equities worth Rs 555.20 crore in till October 3. While there is confidence perhaps a segment of members that the market is probably to observe liquidity-driven rally, analysts are not so gung-ho on the leads of Nifty breaching 6,000 and sustaining it for a long time. The market is giving mixed signals, they say. While the Nifty pared losses to close on a flat note today, Bank Nifty which has a higher weightage on the index closed 1.13 per cent lower. Also, the macroeconomic situation doesn’t warrant the market to move sharply higher due to factors such as subdued domestic demand, monetary tightening and possible cuts in fiscal expenditure. “Our base case has been that the markets will be range-bound at 18,500-20,500 as weak economic and earnings growth caps the upside while hopes of rate cuts and policy measures protect the downside. The markets have rallied sharply since Raghuram Rajan took over as RBI Governor, rising 9 per cent since September 4 and now trade near the top-end of the range. We expect markets to correct 6-8 per cent from current levels as the RBI’s credit policy belies high market expectations,” a BofA-ML report said. Analysts see Nifty in a range of 200 points with stock-specific action this earnings season. “In the short period, the results season, which starts this Friday, is going to be critical. Our view is that markets are not going anywhere as far as October is stressed; we will almost continue at similar levels with stock-specific motion based on the acts and the results,” “Typically in this kind of scenario when the breadth is showing strength, you will not see big declines happening in the overall market. So, my belief is that we will continue to do this range of about 5,820-5,830 on the downside, give and take a few points, and about 5,950-5,980 on the upside,” he said.

To become a subscriber, subscribe to our free newsletter services. Our service is free for all.

Get free important share market ideas on stocks & nifty tips chart setups, analysis for the upcoming session, and more by joining the below link: Stock Tips

Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.

Disclaimer: The information provided on this website, including but not limited to stock, commodity, and forex trading tips, technical analysis, and research reports, is solely for educational and informational purposes. It should not be considered as financial advice or a recommendation to engage in any trading activity. Trading in stocks, commodities, and forex involves substantial risks, and you should carefully consider your financial situation and consult with a professional advisor before making any trading decisions. Moneymunch.com and its authors do not guarantee the accuracy, completeness, or reliability of the information provided, and shall not be held responsible for any losses or damages incurred as a result of using or relying on such information. Trading in the financial markets is subject to market risks, and past performance is not indicative of future results. By accessing and using this website, you acknowledge and agree to the terms of this disclaimer.

Previous ArticleNext Article
Mr.Guru(s) is a team of stock market certified technical and research analysts with over 20 years of experience. They are regular guests on popular online channels and contribute articles to several financial publications. Their insights and advice are respected by investors worldwide. With their collective knowledge and expertise, they have a proven track record of successfully predicting market movements and identifying profitable opportunities.

Join Today (Free): Stock & Nifty Tips

Write a Comment

Comment Policy: We love comments and appreciate the time that readers spend to share ideas and give feedback. However, all comments are manually moderated and those deemed to be spam or solely promotional will be deleted. Your email address will not be published. Required fields are marked *