An event has finally come to an end with the mandate and now markets are about to shit its focus to other factors. At this point of time for Market, we believe one of the factors that were crucial was the crude oil which has crashed in the last few weeks by almost 12%. This is one of the reliefs that Indian equity markets will discount in coming weeks while at the same time the appreciating rupee is another factor that will add positively to this sentiment. The most important factor now to watch will be results and how earnings numbers are. We will be having numbers from Bhel, Zee, Adani Ports, PFC etc. Markets will try to establish the earnings guidance for next fiscal and quarters while at the same time which are the sectors that are offering good visibility in terms of growth.
RBI Meet will be done in the First week of June and Markets will now be all eyed to it since there are further hopes of Rate cut with inflation still hovering near an all-time low and decisive government that focuses on growth. Since the counterpart inflation seems to be in control we believe there can be expectations on the street for a rate cut.
Back to the market, we believe the closings this week are very important as they are above there previous swing highs that were not broken in many attempts. Closing above it means there can be a change of territory now with possible expansion in an uptrend.
11500 – 11550 is now the support and any dip towards these levels is seen as an opportunity. we believe that we have seen in the last two sessions as well. As of now, many things that are in undercurrent are positive for markets and we will be seeing them in prices. We remain buyer on any decline towards support.
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