However, results season may provide leeway for the market for a comeback as the Q2 earnings expectation for Nifty is healthy at 11%
Bull market or bear market?
Volatility in the market is likely to stay for some more time owing to the heightened risk averseness by the investors. Nifty's new trading range could be 10080-10350 levels and a trend reversal could be expected if Nifty closes above 10440 level.
Sectors likely to impact market today?
Banking & Financial will continue to be in limelight given tighter liquidity situations and new RBI norms on NBFC's. Fall in Brent prices may support overall sentiments and OMCs stocks might see some short covering post recent deep correction.
Stocks likely to be in limelight today?
DHFL, YES Bank, HPCL, BPCL and IOC
Your mid-term view?
Equity market outlook has taken a beating given degradation in the quality of debt, redemption and heightened risk averseness by investors. Overall sentiments are likely to be negative at least in the near-term till there is stability in bond yield, rupee, oil prices, liquidity and normalisation in valuation, which may take some more time. However, results season may provide leeway for the market for a comeback as the Q2 earnings expectation for Nifty is healthy at 11%.
What drove markets on Monday?
The hangover of RBI policy meets further depreciation in rupee and weak global cues impacted market sentiments. The metal index declined by 3.6%, as rising interest rates and trade wars worries hit global metal prices. However, some value buying in Banking & Finance led by PSU banks and Auto stocks helped Nifty to salvage some lost ground.
Vinod Nair, head of research, Geojit Financial Services
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