Result season has started on a positive note on Friday as Infosys posted better than expected numbers and Nifty managed to close above 6,000 while Sensex closed near 20,000 mark.
Going ahead, experts believe that investors will keep a close watch on the corporate results. Market heavyweights like TCS, Reliance Industries, HDFC Bank, Axis Bank and Kotak Mahindra Bank are going to announce their results this week. The Pioneer interacted with market experts to find out what strategies they are going to follow in the markets during the week. Krunal Dayma of First Step Capital feels that the markets would remain range bound in a broad range of 5,750 on the lower side and can show the levels of 6,100 as well. “Information Technology sector looks strong and top picks in that sector would be TCS and Tech Mahindra. I also feel auto shares might see some momentum going forward,” he added.
Nitin Murarka from SMC Global feels markets still look positive and IT shares will lead the performance. Also he feels that a short covering will be seen in private banks while public sector banks will continue to under perform. He further added, “5,800 is a strong support range for Nifty but we feel going forward Nifty might also show a new all time high as well.” He further added, “Infosys can soon touch `2,900 levels and we advise investors to book profits at those levels.”
Mangal Keshav Security’s Rajesh Satpute says, “Markets will trade in rage of 5,850 to 6,100 and on every correction investors should buy as markets feel strong. The best performing sectors will include IT, Pharmaceuticals and FMCG. Metal and banking shares have also corrected over the weeks and now we feel a pull back might be seen in them.”
As far as fundamental analysts go, they feel markets do look strong but there are still certain concerns which might have an adverse impact. Jagdish Thakkar from Fortune Fiscal feels that results of the heavy weight companies will act as a key factor in deciding the direction for the markets. After the recent rally, he feels investors will be seen booking profits during the week.
He further added, “6,100 level is a strong resistance level for nifty while 5,700 will act as a key support levels. Rising prices of crude oil remains a big concern for the markets along with rupee movement. If rupee weakens again, we might see FIIs booking their profits also. In all IT sector looks to the best performing sector during the week.”
Vivek Negi from Finethic Wealth Services has a slightly contrarian view as he feels a slight pressure will be seen on markets during the start of the week but going forward markets still will trade with a positive buy. He added, “Markets might trade in a narrow range of 5,950 to 6,140. Reliance Industry’s results are expected to be better due to which buying might be seen in Oil & Gas sector. Also short covering might also be visible in banking shares through the week.”
Overall, experts feel market will continue to show strength and IT stocks would lead this rally. They also expect TCS to post good results but crude oil and rupee weakening still remains a major concern that can turn the positive markets upside down.