Market Outlook April: Going ahead, Indian equity markets will remain positive this month on the back of thumping victory for the BJP in Uttar Pradesh elections. The election results has lifted concerns over political stability, due to which now most FPIs are of the view that the government will now push reform agenda. The election results could provide a much needed boost to government to accelerate the pace of reforms, including the rollout of the crucial Goods and Services Tax (GST). GST is one of the key reforms that have the potential to bring about a structural change in the Indian economy.
On the economic data front, the RBI’s monetary policy which will be scheduled on 6th April, 2017 and the US Federal Reserve's stance on interest rate would also impact the markets. Further, Indian macro economic data, Q4FY17 corporate earnings, European Central Bank (ECB) monetary policy and Japanese monetary policy will be major events to watch for. Hence, we recommend investors to invest in fundamentally sound companies for long term.
In this issue:
- Movers & Shakers
- Market Outlook
- Nifty Technical Outlook
- Technical Picks
- Auto Sales
- Commodity Outlook
- Mutual Fund
- Key Financial Events – Apr
Nifty Technical Outlook April: On the monthly chart, we are observing a bull candle which has registered new all-time high this suggests that momentum on the upside is likely to continue. In the coming month if Nifty trades and closes above 9245 level then it is likely to test 9349 – 9454 – 9576 levels. However, if Nifty trades and closes below 9102 level then it can test 8997 – 8893 – 8771 levels.
Broadly, we are of the opinion that monthly trend is up and 9000 to 8950 remains crucial demand zone going ahead. Hence as long as Nifty holds the mentioned level on closing basis there is high probability that markets are likely to test 9400 - 9600 levels in couple of months.
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