What is your trading view for Monday 28 June and do you see Nifty getting to 16,000 in the week?

The last 2 weeks have been rather volatile and some more volatility could be there before the Nifty gets to 16,000. You must be prepared for that. The Nifty is now just about 150 point shy of the 16,000 mark. It does look like the markets were not overly impressed by the announcements at the Reliance AGM as some of the ratios were at lower levels.

However, in terms of data flows, the coming week will be very important. You have the core sector, PMI data and the auto sales numbers and all need to show sequential quarter on quarter growth to be credible. Meanwhile, tighter restrictions in Maharashtra against a third wave is not great news although COVID numbers are falling sharply.

Foreign portfolio investors or FPIs have been net sellers in the week but for June so far, the FPIs have infused close to Rs.12,700 crore. The month of June so far has seen positive flows into equity and negative flows in debt. Domestic institutions have been aggressive buyers in the equity market through the month of June. FPIs were sellers in April and May.

The cues for Monday are rather ambiguous. The Dow was up on Friday but the NASDAQ was flat and the European markets were lacklustre. SGX Nifty is marginally in the negative in early trades and is trading with losses of about 15-20 bps in early trades. However, markets are likely to be tentative, although the journey to 16,000 look to happen this week.