NIFTY OUTLOOK :- Nifty hovered in a narrow range for the entire week and settled marginally in green, citing caution ahead of the states election results. Amid all, rotational buying in select index majors helped index to sustain at higher levels.
* Next week, markets will initially react to the outcome of state election results and IIP data. Going ahead, the two-day US Fed meet will also remain on the participants’ radar.
* After consolidating for two weeks, we expect a decisive move in the index ahead; however, traders should maintain caution, keeping in mind the upcoming events. Needless to say, the overall trend is still strong and any decline to 8800-8700 should be used as buying opportunity.
NIFTY AUTO OUTLOOK :-
* Nifty Auto Index settled marginally higher after consolidating in a narrow range.
* It tested its important support zone of 50-day moving averages and bounced back thereafter. Considering its overall chart pattern, we expect strong surge ahead.
* BAJAJ-AUTO,HEROMOTOCO and MARUTI are some of the better placed stocks in this space.
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