The US markets ended in the green overnight after a day of correction. Back home too, both Sensex and Nifty ended the session in the green propelled by buying in Auto and IT stocks. Nifty and Sensex ended higher by nearly 0.7%. The Indian markets now will focus on the RBI MPC outcome that will be released tomorrow. Economists believe that the policy outcome will bring no surprises.
“Overall, we expect the market to continue its positive momentum with sectorial rotations. The key event this week is RBI’s monetary policy which provide direction to the market. Though RBI is expected to maintain status quo, commentary would be eagerly eyed with regards to hint on rate cut,” said Siddhartha Khemka of Motilal Oswal Financial Services.
On the technical front, Osho Krishnan of Angel One says, “The chart structure construes a range-bound activity to continue, with a strong nearby resistance at the 22000 mark, followed by 22100. And a decisive breakthrough could only trigger the next leg of rally in the Nifty50 index. On the contrary, 21800-21750 remains the intermediate support, while the 20 DEMA placed around 21650 is to be seen as a sacrosanct support zone for the comparable period.”
Foreign Institutional Investors continued to add Indian equities. According to data available on exchanges, FIIs bought shares worth Rs 92.52 crore in the cash markets. On the other hand, flows from DIIs turned positive too as they added shares worth Rs 1,096 crore, provisional data from exchanges showed.
Top stocks to watch today are Britannia, Nykaa, NLC India, Lupin, Biocon, and Kotak Mahindra Bank.
