Nifty Outlook by Epic Research ~ Market Updates Tips Tricks Recommendations

Nifty ends the week with marginal gains as it remained between the range that was seen in the previous week. This is a second week that Nifty has managed to close above its previous all-time high placed around 11750. The profit booking was seen at higher levels as Nifty failed to sustain the 12K mark. Despite a Rate cut, the street was expecting more, we have seen market witnessing profit booking.

The derivatives data at present points to a congested range between 11800 – 12000 while the overall concentration of OI data shows a wider range of 11500 – 12500. At present, Nifty needs a breakout from this range of 11800 – 12000 in which it has spent the last two weeks.

The prices are now reflecting most of the events that have happened in the last few weeks. The May expiry was seen with strong rollovers as D-street was expecting a rate cut which was later delivered. The Expiry also had the undercurrent of elections result. Hence we have seen some positive momentum with a strong upward bias.

The overall outlook for the Indian economy has been seen above 7% from RBI but what is worrying about the growth which has recently slowed to 5 year low. With that, we have seen Inflation inching up top 2.92% from sub 2% levels. In coming week We will be looking at Inflation Numbers related to Food, Fuel and WPI numbers as well.

Markets will now be realigning themselves to global cues like Trade war, USDINR and Crude oil. These may become the driving factors now as other domestic cues take the backseat.

The market is in a range bound zone between 11800 – 12000 We believe the breakout shall be traded, on a closing basis, rather than a small range.

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