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MARKET OUTLOOK OF THE WEEK: 11-09-2017

MARKET OUTLOOK OF THE WEEK: 11-09-2017
September 17
16:06 2017

After a range bound movement last week Nifty is expected to test 10010 in the short term.  Support for the Nifty lies at 9721. Strong news flows can change the market sentiments in the short term.  Market participants are waiting for the total loss which can incur to US due to strong hurricane IRMA’s devastation and the outcome of the stand- off between US and North Korea. Last week 0we saw heavy sell-off in the Pharma sector and PSU Banking sector.  Both these sectors will face more selling from institutional investors.  Foreign investors booked profits in the last past days may stay sidelines during the week.  Domestic institutional investors will give support to the market, along with retail investors.  In the recent days Mutual Funds are also aggressively investing at the equity markets, which helped the market to remain stable.

Nifty Pharma index is likely get support only at 8440 levels, and Nifty IT index may get support at 10347.  Nifty Metal, Nifty Private Bank and Nifty Energy sectors may give support to the market in the near term.  One should take cautious approach while investing in equities at or above 10000 in the short term because charts are not showing sharp trend on Nifty.  If there is a heavy sell-off then one can accumulate stocks for a medium to long term perspective.

There is news that Employ Provident Fund may invest heavily in equities in coming days.  Chinese factory and Consumer inflation can accelerate on robust demand will give support to the international market.  On the other hand many new IPO’s which is slated in the coming days will suck the market liquidity to a certain extent.

US Consumer Inflation Expectation, Continuing Jobless Claims, Core Inflation Rate, Inflation Rate YoY, Retail Sale MoM and Industrial Production data’s are due from US.  From EU side Balance of Trade, Inflation Rate and GDP growth Rate are expected next week.   From India Industrial Production YoY, Manufacturing Production YoY, Inflation Rate YoY, WPI Inflation YoY, WPI Manufacturing YoY and Balance of Trade are the macro economic data to come out next week.

Prominent companies like Cochin Shipyard, Harrison Malayalam, Neuland Lan, Ucal Fuel, Jet Airways, V2 Retail, Container Corp, Lovable, Panacea Bio, STC India, Balakrishna Industries, Kesoram, Sunil Hitech, Talwakars and Vadilal Industries will come out with its earnings next week.

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ALEX MATHEWS

ALEX MATHEWS

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