Market Outlook May: Going ahead, Indian equity markets upward momentum will continue and factors like Q4FY17 corporate earnings, fund inflows and key economic reforms will drive the markets. Global economic growth prospects, political stability in India, improving fundamentals, implementation of key reforms are the factors responsible for renewed interest of foreign investors. On the economic data front, the US FOMC meeting which will be scheduled on 3rd May, 2017 will impact the markets. Further, Japanese monetary policy meeting minutes, French Presidential election results, BoE Monetary Policy and European Central Bank (ECB) monetary policy meeting minutes will be keenly watched by market participants. Hence, we recommend investors to adopt buy on dips strategy and invest in fundamentally strong companies for long term perspective.
In this issue:
- Movers & Shakers
- Market Outlook
- Nifty Technical Outlook
- Stock Recommendations
- Commodity Outlook
- Auto Sales
- Mutual Fund
- Key Financial Events – May
Nifty Technical Outlook May: On the monthly chart, we are observing a spinning top which gives small clue that the previous four month rally is losing breath. Hence, a consolidation or a minor correction from current level cannot be ruled out. In the coming month if Nifty trades and closes above 9363 level then it is likely to test 9448 – 9534 – 9633 levels. However, if Nifty trades and closes below 9244 level then it can test 9159 – 9074 – 8975 levels.
Broadly, we are of the opinion that monthly trend is up and at present there is no sign of weakness. In current month 9120 holds significance. 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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