Nifty 50 and Bank Nifty indices ended in the green. The Nifty 50 gained 1.3% to close at 24,323, while the Bank Nifty rallied 0.61% to settle at 52,660.
Overall, the Indian equity market is likely to remain positive in the coming week as well, supported by strong Q1 updates.
Analyst Sahaj Agarwal, SVP of Derivatives, Kotak Securities, interacted with ET Markets regarding the outlook on Nifty and Bank Nifty for the upcoming week. Following are the edited excerpts from his chat:
Firstly congratulations to all the bulls on the extraordinary rally seen in the last 30-odd days. Yes the markets are trading at all time high levels. As exciting as it may sound, one has to look at the rather broader picture as well. In isolation, we remain long and strong with no liquidity or earnings issues visible yet. Having said this, we have achieved a cyclical target of 24,130 and hence some moderation in aggression is warranted. This coupled with global markets that seem to be trading in a rather tricky setup suggesting limited upside. Overall, we would expect more stock specific activity with lesser aggression on the index.