On the back of outcome of US Fed and BOJ meets, good progress on GST front and fresh sops to foreign investors, amidst choppy trading markets eked out marginal gains during the week ended.
Benchmark indices Sensex and Nifty closed modestly higher by 69 and 52 points at 28668 and 8832. Irrational exuberance in mid and smallcap stocks propelled their indices to lifetime highs.
Sebi relaxing guidelines for InvITs and REITs will facilitate growth and trigger rebound in infrastructure and real estate sectors according to industry observers.
In coming days, focus will shift to outcome from RBI meet; and Q2 earnings season. Despite concerns over expensive valuations, liquidity is propping the market say observers.
The FII inflows and global trends will be critical for the near term trend. Global cues like Q2 GDP data from US and UK and home sales data from US, crude oil price movement and currency changes will cast shadow on the markets in the coming fortnight.
For the week ahead, chartists predict trading range of 28200-29150 and 8635-8950 for the indices. Support for the indices evident at 28350 & 28100 and 8650 & 8575. Avoid large positions and take stock specific view advice old timers.
Investment Mantra: Never overpay for a stock. More money is lost than in any other way by projecting above average growth and paying an extra multiple for it.
