Market Outlook March: Going ahead, Indian equity markets will react positively on the back of third quarter GDP growth rate that came in at 7%, belying expectations that demonetisation will dent economic momentum. According to Economic Affairs Ministry, with remonetisation almost complete now, the adverse impact on consumption will not spill over to the next quarter.
All eyes will now be glued at election results in Uttar Pradesh and the US Federal Reserve's monetary policy meeting which will be scheduled on March 14-15. Further, Indian macro economic data, European Central Bank (ECB) monetary policy, Bank of England’s (BOE) monetary policy and Japanese monetary policy will be major events to watch for. Hence, we recommend investors to invest in fundamentally strong companies for long term.
In this issue:
- Movers & Shakers
- Market Outlook
- Fundamental Pick
- Auto Sector
- Commodity Outlook
- Mutual Fund
- IPO Performance
- Key Financial Events – Mar
Nifty Technical Outlook: On the monthly chart, we are observing two consecutive bull candles which suggest that momentum on the upside is likely to continue. In the coming month if Nifty trades and closes above 8966 level then it is likely to test 9096 – 9226 – 9377 levels. However, if Nifty trades and closes below 8792 level then it can test 8663 – 8533 – 8382 levels.
Broadly, we are of the opinion that the monthly trend has turned up. This suggests that momentum on the upside is likely to test the all-time highs of 9119 or even extend its gains further in couple of months. Hence, one needs to trade with positive bias as stock specific activity is likely to continue.
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