Expect Nifty at 10,400-10,450 levels in next couple of weeks
The markets have breached key support levels after a sustained retraced rally from the levels of 10100 towards 10800. After extending its move, the market had started to correct from its overbought zone. Usually such a move looks to be more or less corrective in nature.
We expect a series of selling pressure at 10700 on the upside which was its previous support levels.
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| Capitalstars financial research pvt. ltd. |
Bajaj Finance has seen a very good uptrend. After a good sideways consolidation in the stock, a breakout has been observed on a weekly and monthly basis. This was accompanied by good volume backed by good news event.
Going forward, the momentum will be there in the stock, I recommend a buy-on-dips approach. There is an immediate support at 2100 on the intraday basis.
The fiscal deficit programme has been going on very smoothly and there has been no reason for us to believe that there will be any greater impact. The growth parameters are also very sound, macroeconomic parameters also continue to be very sound, the inflation is within the range.
Rising crude oil prices will have USD 25-50 impact on India's imports, widening the current account deficit.
At the current levels, we have definitely observed a series of declines since past couple of months and in fact majority of the stocks have already witnessed a sharp decline from its all-time peaks. At the current levels, from a weekly and monthly perspective, there is no sense for any bottom formation.
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