InvestorQ : What is your trading and Sensex / Nifty view for Tuesday 01 June as a new month begins and do you see GDP data impacting?
shrinidhi Rajan made post

What is your trading and Sensex / Nifty view for Tuesday 01 June as a new month begins and do you see GDP data impacting?

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diksha shah answered.
3 weeks ago
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May ended on a bullish note for the market with the Nifty scaling an all-time high level of 15,583. The index was driven higher by banking stocks and RIL once again even as metals also joined the party. The A/D ratio at 39:11 was extremely flattering as the market now appears to be settling into a new zone.

The much awaited GDP data for the fourth quarter came in at 1.6% which was roughly at par with expectations. However, full year GDP contracting -7.3% was about 30-40 basis points better than street expectations. Core sector numbers gained a whopping 56% in April but that is too much of base effect as COVID 2.0 strains are beginning to show.

After selling in April, the FPIs ended May marginally with inflows due to the rear guard action in the last few days of the month. FPIs were net buyers to the tune of Rs.2,412 crore even as domestic institutions bought equities worth Rs.180 crore. This should come as a sentiment booster for the markets as a whole.

Global cues are flat to positive going into trade on Tuesday. The Dow was up about 60 bps while the French CAC and the German DAX also showed similar gains. However, NASDAQ and FTSE were almost flat. SGX nifty is up by about 40 bps in early trades and it could boil down to data flows for India.

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