Market Commentary

Weekly Market Outlook - Technical - April 8, 2022 - ICICI Direct

Posted On : 2022-04-08 21:02:35( TIMEZONE : IST )

Weekly Market Outlook - Technical - April 8, 2022 - ICICI Direct

- Midcap and Small caps outshined with 3% gain for the week, while Nifty gained 0.6% to settle at 17784

- We maintain structurally bullish stance on Nifty with an eventual target of 18350 in coming weeks as index underwent shallow retracement after 1100 points in just 6 sessions. Buy dips as we do not expect strong support of 17400 to be breached

- Key observation has been rallies are now getting stronger while corrections are lesser in magnitude, with multi sector participation indicating secular nature of up move

- Broader markets are expected to maintain momentum backed by strong improvement in breadth over past few weeks

- Sectorally, IT will be in focus amid earnings while positive stance maintained in BFSI, PSU, Auto, Metals and Telecom

-Our preferred large cap picks are Reliance Industries, TCS, Axis Bank, Asian Paints, Bajaj Finance, Tata Motors, Tata Steel, ITC while Voltas, HAL, Bank of Baroda, Birla Soft, SRF, Graphite, Timken, Lemon tree, TCI Express are preferred in midcap category

Source : Equity Bulls


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