New Delhi: Nifty ended the Samvat 2079 on a positive note despite several global challenges. Nifty gained 9.4 per cent in this period and made a new life high crossing 20k mark for the first time, says Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
“As we get into Samvat 2080, we believe markets would continue its outperformance on the back of strong earnings and a healthy economic outlook,” he said.
On Friday, Nifty opened negative but buying in the second half of the day helped indices to close with marginal gains of 30 points at 19425 levels.
Sectorially, it was mixed bag with buying seen in Metals, Oil & Gas and Financial services. Weak global cues after US Fed Chair Powell strong stance to bring down inflation weighed on sentiments. However, lower level buying helped domestic equities to hold 19400 zone.
“We expect market to start Samvat on positive note and remain in broader range with sectorial rotation. Investors would watch for India CPI inflation that would be release on Monday,” he said.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities said that after showing range bound action with weak bias on Thursday, Nifty shifted into a volatility with intraday up and down swings on Friday and closed the day higher by 30 points. After opening with a negative note, the market slipped into further weakness soon after the opening. Upside recovery has emerged from the mid part and the buying got strengthened in the later part of the session.