InvestorQ : What is your trading view for Monday, 18th October? Will the uptrend in the Nifty still continue?
Arusha Ray made post

What is your trading view for Monday, 18th October? Will the uptrend in the Nifty still continue?

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diksha shah answered.
2 months ago
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When the previous week started, the big question was about 18,000 on the Nifty. By the close of the week, there was little doubt as the Nifty closed above the 18,300 mark, in what could be seen as a decisive break. To corroborate the uptrend, the A/D ratio at 34:16 on Friday was decisively favourable the gainers on the Nifty.

Two big results over the weekend were better than expected. HDFC Bank showed solid growth yoy and combined it with a fall in gross NPA. Of course, retail banking EBITDA was sharply lower but that was made up by corporate banking. This week the Bank Nifty will be in focus with a slew of banking results expected this week.

Foreign investors were net buyers on Friday worth Rs.1,682 crore of equities domestic funds sold stocks worth Rs.1,751 crore. In global market cues on Friday, Dow rallied 1.1% on while NASDAQ was up 50 bps. Most of the European markets were also strong while the SGX Nifty is marginally up by around 11 bps in early trades. That may not be too suggestive.

For now, the uptrend looks to continue with most of the early results looking quite solid. There are some big results this week like a slew of banks, Hindustan Unilever, and Reliance Industries. They will hold the key. To me, this is more like a buy on dips market where you can keep adding on to quality stocks at each dip. After all VIX is still around 15 levels.

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