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Global cues would dictate the trend
Nifty snapped three-week winning streak tracking intensified geopolitical worries and settled the week with a cut of 3% amid heavy sell off by FII's. However, metal space continued to shine tracking Chinese stimulus
What to expect: In the upcoming eventful week, we expect index to hold key support of 24800 and stage a bounce amid oversold conditions. In the process, volatility to likely to higher given ongoing geopolitical concerns coupled with RBI Policy and start of Q2FY25 earning season which would drive stock specific actions
Price & Time wise maturity: In CY24, price wise index has not corrected for more than 5-6% while sustaining around 50 days EMA and time wise such corrections have been arrested within 6-7 sessions and subsequently stage a decent up move
In current scenario, with 4.5% correction, index has approached 50 days EMA amid oversold conditions. Thereby we expect Nifty to maintain the same rhythm and stage a strong rebound while holding key support of 24800
Sectorally, IT, Metal, Pharma are expected to relatively outperform while BFSI, capital goods, oil & gas offers bargain buy opportunity
Brent: Crude oil would be the key monitorable amid escalation of geopolitical worries. We expect it to face stiff resistance in the 80-82 zone
Disclaimer – I ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is acting as a distributor to solicit bond related products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.
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