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23 September, 2021 11:30 IST
Nifty may see up move towards 15,962 and 16,000 levels
Source: IRIS | 23 Jul, 2021, 09.59PM
Rating: NAN / 5 stars.
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   Equity markets opened positive and after the initial pressure in the first half, indices rebounded and ended the session in green. NIFTY/Sensex gained 32/139 points (+0.2%/0.3%) to close at 15,856/52,976. The broader market were mixed bag with Nifty Midcap 100 up 0.2% while Nifty Smallcap 100 down -0.5%. Sectorally, majority of the sectors were in green with realty and bank being front runner - gaining 1% each, followed by FMCG, Financials, Pharma, IT and Metal up between 0.1% to 0.9%. While Media was down 1%, followed by Auto, Energy and Infrastructure. India VIX was down by 1% to end at 11.76 levels.

Global cues were positive following the upbeat earnings and post the ECB statement that the interest rates would stay at their current record low levels until it sees inflation "durably" reaching the bank's new target of 2%. However Asian markets ended on a mixed note as covid worries continued to take toll while investors also monitored Chinese tech stocks after regulatory concerns resurfaced.

Domestically, Nifty ended higher for second consecutive day following positive global cues and good earning season so far which is giving confidence to the investors of quicker economic rebound. However, Nifty closed lower for the week as the surging Delta variant cases continue to worry the market.

India's unicorn, Zomato made a stellar debut on the bourses at 53% premium and entered in Top 100 listed companies in value terms, with a market capitalisation of over Rs 1 lakh crore. 

Commenting on the market outlook, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said, "In the coming week, markets will first react to results of three majors Reliance Industries, ITC and ICICI Bank on Monday whose weightage in Nifty is ~20%. It will track global cues for further market direction while lot of stock specific action will be seen given the earnings season in progress.

Overall, the result season so far has been healthy and is providing support to the market which has shown strong resilience even though it faces headwinds from the advent of a possible third COVID wave and persistent inflation readings prompting a potential rate increase.

Technically too, Nifty formed a Doji on Daily scale while a Bullish Hammer sort of candle on weekly scale which indicates that declines are being bought but follow up is missing at higher zones. Now, it has to hold above 15,800 zones to witness an up move towards 15,962 and 16,000 levels while on the downside support exists at 15,750 and 15,700 levels."

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