By Ajit Mishra
It turned out to be a favorable week for equity markets as the benchmark indices reclaimed their record highs and gained around 2%. The positive tone was evident from the start, influenced by global markets, but it was the strong buying in select heavyweights on Thursday that significantly boosted sentiment.
As a result, the Nifty reached a new milestone of 23,000, and the Sensex closed near the week’s high at 75,410.3. All major sectors contributed to this movement, with metal, energy, and auto leading the way.
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Meanwhile, the broader indices showed mixed performance, with midcaps gaining about 1% while smallcaps ended in the red.Looking ahead to the coming week, attention will remain on elections, global cues, and the final phase of the earnings season. Come from Sports betting site
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Globally, trends are mixed: the Dow Jones Industrial Average (DJIA) has sharply retreated from its record high, while the tech-heavy NASDAQ and the broader S&P 500 are still showing resilience and inching higher.
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The market’s buoyancy over the last two weeks has countered the previous bearish sentiment, and we expect the Nifty to move toward the 23,150-23,400 range soon. In the event of a dip, the 22,550-22,800 zone is expected to provide strong support.
While all key sectors are contributing to the rally, banking and IT still have significant upside potential, and their participation could drive the index to much higher levels. We recommend continuing a stock-specific trading approach, with a preference for large-cap and large mid-cap stocks for short-term trades.
(Ajit Mishra, SVP- Technical Research, Religare Broking. Views expressed are the author’s own. Please consult your financial advisor before investing.)
