Market View: Week Starting 27th FEB 2017

Filed in Market Update by on February 27, 2017
Week Market View: Week Starting 27th FEB 2017
View Last week the NIFTY closed at 8939.50 registering a gain of 1.34% compared to previous week. The rally was led by RIL which has finally started showing strength after a decade long dormancy. Now the NIFTY is very close to the all-time high levels of 9119 which is also seen as a major resistance for NIFTY to start its next rally. Technically speaking we see a lot of strength right now in the markets with heavy participation from domestic investors. The resistance can be taken off anytime. However, we should still wait for a clean breakout and a clear bullish signal. There are a lot of events in the pipeline on which the NIFTY would base its rally. The major ones being the upcoming GST council meet and the outcome of the state elections. Trump policies and the outcome of French elections will also have an impact on our markets. At this moment, frankly speaking, it’s difficult to predict the NIFTY direction though we expect a consolidation before the above mentioned events take place. Let’s approach the markets one week at a time from here on. We would continue to see scrip specific movement like always. This week is likely to be a choppy one where the indices are likely to fluctuate a bit. Let’s wait and watch. All the best!

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