F&O Talk| Nifty northward rally to continue in near term, sector rotation plays crucial role: Sudeep Shah of SBI Securities
markets rose by 1.7% this week, marking a third consecutive weekly gain, driven by favorable global and domestic factors. The positive momentum was fueled by the US Federal Reserve’s rate cut and steady economic data, leading to increased foreign investments.
Additionally, China’s economic stimulus boosted global investor confidence, particularly in Asian markets. Metals and commodity stocks saw strong gains, while IT and export stocks rallied on hopes of a recovery in discretionary spending.
Analyst Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research, SBI Securities interacted with ET Markets regarding the outlook on Nifty and Bank Nifty for the October expiry. Following are the edited excerpts from his chat:
Market making new highs daily, what is your outlook for the October series on Nifty?
The benchmark index Nifty has continued its northward journey for the third consecutive week. Most noteworthy, it has reached the psychological level of 26,000. What’s even more impressive is that the index marked a fresh all-time high in every single trading session this week, signaling extraordinary strength and a bullish charge that shows no signs of slowing down.
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