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Will Nifty extend upmove post winning week as FIIs turn buyers? Aurobindo, Exide in focus

Indian equity market clocked one percent gains for third consecutive week ended November 17 despite RBI's decision to raise risk weights for unsecured loans impacted banking & financial stocks on Friday. This rally attributed to falling oil prices, and hopes for end to the rate hike cycle globally with declining inflation. Hence, experts expect the positive sentiment in the markets to sustain in the coming week too, with focus on US bond yields & oil prices, and advised continuing with buy on dips strategy. During the truncated week, the BSE Sensex climbed 535 points to 65,795, and the Nifty50 jumped 206 points to 19,732, while the Nifty Midcap 100 and Smallcap 100 indices gained 2 percent and 2.7 percent respectively. Most of sectors participated in the weekly run up, barring banking & financial services stocks. IT & realty were the biggest gainers, with Nifty IT and Nifty Realty each rallying over 5% for the week. Even the mid & smallcap indices ended the week with gains of nearly 3% apiece. This week Nifty bulls will be watching out for a retest of the psychological 20,00o mark. The GIFT Nifty is hinting at a start around 19,800 for the Nifty. Stocks in focus today will be SBI Card, Aurobindo and Exide Industries among others. Catch Nandita Khemka in conversation with Kunal Shah, Senior Research Analyst, Carnelian Capital and Aamar Deo Singh, Sr Vice President – Angel One.

first published: Nov 20, 2023 08:47 am