Market indices to remain traded on the choppy note: Amrapali Aadya Trading & Investments

Mr. Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments

Week began on the cautious note ahead of the start of fourth quarter corporate earnings season. Investors remained fearful on the back of rising geopolitical concern after Russia renewed its support for the Syrian government in response of a missile strike by the US military last week. Though, benchmark indices rebound back on Tuesday as investors shrugged off geopolitical tensions and shifted focus to corporate earnings season. Overall, indices traded on weak note followed by disappointing results declared by the index heavyweight Infosys. Additionally, poor IIP and manufacturing data also added pain to reeling indices. Taking the negative cues from the Infosys quarterly results along with profit taking, market closes the weak note. We believe, coming week is likely to remain interesting to watch since several companies are lying to declare their corporate earnings for the fourth quarter. Going ahead, we foresee benchmark indices to take cues from the reported earnings and react accordingly. Further, important macroeconomic data i.e. WPI data is also schedule to declare on 17thApril. Additionally, any further geopolitical tension, which has been dampener off-late for the benchmark indices, could impact market negatively. Hence, we foresee indices to remain traded on the choppy note. We advise investors to look for the entry in the infrastructure and reality stocks for the long term.

Nifty 50 formed a bearish candlestick on daily chart at the closing of Thursday after a bearish hold pattern on Wednesday closing. Formation of consecutive bear candle after couple of days of sideways trading at the top end of the rally indicates bulls have encashed the rally. With absence of major cues market to continue with the down trend and it Nifty is likely to find support around 9100 mark.

Source : Equity Bulls

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