What is your stock market on the Nifty and Sensex for 26 October? Do you see the Nifty break above 12,000 levels?
Answer
Answer
You would recollect that on Friday, the Sensex closed well above the 40,600 mark but Nifty was still below the 12,000 mark. One thing is certain that on Monday, the Nifty will make a dash for 12,000 although it is not certain if they can break that level so easily.
Nifty breaking 12,000 would also depend on results this week including some pivotal numbers like ICICI Bank, RIL and Axis. The options data is indicating an upper range of 12,200 in the week and being expiry week, Nifty could test that range.
Big story in the last few days or couple of weeks has been the aggressive buying by the FPIs. On Friday, FPIs were bought Rs.907 crore while DFIs sold Rs.892 crore worth of equities. In October so far, FPIs have infused close to $2.5 billion into Indian equity markets.
Global cues are not too decisive for Monday trading. Dow and NASDAQ were flat on Friday although European markets closed with gains of over 1% each. Asia is under pressure and the SGX Nifty is showing flat opening. You will have to purely be driven by Q2 results.