10 September, New Delhi: Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, says that Nifty has been getting stronger and is getting closer to its all-time high of 19,992.
With the weather slowly getting better and India having the G20 meeting this weekend, people are in a good mood. This could help the market reach its all-time high and the 20K mark in the next few days, he said.
Senior Technical Analyst at LKP Securities, Rupak De, said that the Nifty showed strength, which was mostly due to strong demand for large-cap stocks. As long as the measure stayed above a key moving average, the general trend stayed strong. But a large number of Calls were written at the 19,900 strike price, which was a big problem for the Nifty. Looking ahead, the only thing that could push the index up to the 20,200 mark is a strong move above 19,900. On the other hand, there was a lot of writing of puts at 19,700, which helped the Nifty a lot, he said.
Vinod Nair, Head of Research at Geojit Financial Services, said that domestic stocks rose slowly over the course of the week. He said this was because strong domestic macroeconomic data, such as GDP and PMI numbers, gave the domestic market a good outlook. Even though global trends were mixed and weak, Indian stocks stayed strong thanks to this strong economic outlook. He said that the rise in crude oil prices, the US jobless claims data for August, the weak Chinese service PMI and trade numbers, and the rise in petrol prices because of strikes in Australia were all things that caused global worry.
But in the broad market, people were very interested in buying mid- and small-cap stocks, even though their prices were pretty high. During the week, buyers were especially interested in infrastructure and real estate because they were getting more orders. He also said that the market is eagerly waiting for numbers on inflation and industrial production, which will give them more direction.
