-
ALSO READ
Sensex @ 60,000: Time to rejig portfolio and buy the dips, say analysts
Evergrande crisis can be catalyst for market correction: Nilesh Shah
Bull spread strategy on HCL Tech by Nandish Shah of HDFC Securities
Here's a Bull Spread strategy on Mindtree by HDFC Securities
Bull Spread strategy on M&M Financial by Nandish Shah of HDFC Securities
-
The 30-pack BSE Sensex claimed the historic 60,000 mark last Friday and marched ahead to hit a record high level of 60,333. Its NSE counterpart, the Nifty50, also touched a new all-time high of 17,948.
The BSE Sensex has climbed its last 10,000 points in just 246 days – and 5,000 of that in just 42 days.
Going forward, while expensive valuations, a cautious global mood amid the Evergrande crisis, and a possibility of a third Covid wave may trigger mild profit booking in days ahead, most analysts remain optimistic. They suggest that a market correction, if any, should be bought into from a medium-to-long term perspective.
On tech charts, the Sensex looks all set to add another 1,000 points in the next five sessions.
According to Business Standard's Avdhut Bagkar:
- Markets trading with a strong bullish bias
- Sensex may hit 61,250 this week
- Support placed at 59,500
- Nifty50 may claim 18,100; support at 17,750
Motilal Oswal Financial Services MD & CEO Motilal Oswal said, "The rally in domestic market is driven by positive global cues, strong inflows by FIIs/DIIs, good corporate earnings, falling Covid-19 cases, upbeat corporate commentaries and low cost of capital. Amid the buoyant sentiment and increased activity, market valuation has reached elevated levels and demands consistent delivery on earnings expectations. Given rich valuations, one cannot ignore intermittent volatility."
Fundamentally, the first half of this week will be guided by global cues where investors will track developments around the Evergrande group, and the second half is expected to be driven by domestic triggers.
On key triggers for markets this week, Religare Broking's Ajit Mishra said:
- Aditya Birla Sun Life AMC IPO opens on Wednesday, Sept 29
- Monthly F&O expiry on Thursday, September 30
- Auto sales data to come on Friday, October 1
- Manufacturing PMI data coming on Friday, October 1
- Paras Defence and Space Tech listing on Friday, October 1
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU