It appeared to a muted start for the markets in the new year, as the Sensex and Nifty opened flat on Monday morning. Sensex opened at 34,059 as against the previous close of 34,056.
It appeared to a muted start for the markets in the new year, as the Sensex and Nifty opened flat on Monday morning. Sensex opened at 34,059 as against the previous close of 34,056. Nifty opened at 10,531 and szoon traded in the red, as the shares of Wipro, Hindustan Unilever, Infratel and Bajaj Auto dragged the index by more than 1% each. In the 30-share Sensex, shares of Bharti Airtel, L&T, SBI and Tata Motors were trading by more than 0.5% each. In total, 1092 shares were trading in the green while 469 shares saw declines on the NSE.
Experts point out that 11,000 could be the next benchmark to watch out for Nifty. “If we look at it from a longer perspective then there is no second thought about the continuation of this Bull Run towards 11000 and beyond. But, we do not expect the journey to be as smooth as it has been throughout this year. In between we are likely to see decent pauses and hence, one needs to be prepared for it; because timing such halts has become a nightmare. Any decent declines during the year remain to be a good buying opportunity for investors having longer term horizon. On the other hand, short term traders need to be very agile and selective while picking their trades. For the coming week, 10552 – 10600 would be seen as next junctions, where we can see traders taking some money off the table. On the downside, 10460 – 10426 are the levels to watch out,” Angel Broking said in a note.
Stock market veteran Raamdeo Agrawal is of the firm belief that corporate earnings will play a key role in guiding the stock markets this new year. In an interview with ET Now, Raamdeo Agrawal of Motilal Oswal Asset Management company said, “Corporate earnings could play a key role in the market movement for 2018.”
He also predicted the capital expenditure cycle to get better in the coming year. On being asked about the state of the economy, Raamdeo Agrawal said the economic recovery may be slow in 2018, but it will be a prolonged affair. Sharing his market outlook for the coming year, he said the first half of 2018 will witness a massive fundraising exercise. He also expected the rising crude prices to pose an intermediate challenge in 2018. Stocks in the capital markets have outperformed the economy, he said. “Nobody can forecast markets correctly, yet we waste so much time doing it,” said Raamdeo Agrawal.