To sustain the market trend, a lot will depend on the size and effectiveness of the stimulus. Cash voucher and advance scheme, sops to government employees, failed to cheer the market as it did not provide the required boost to the economy as expected. It is anticipated that there will be more measures revealed in the future. The market will look forward, with high hopes on Q2 results and an end to the moratorium saga. IT, Banks and FMCG will be the sectors under focus, in the near-term.
The Nifty took a breather after crossing the
psychological 12000 mark. This does not change anything in the short to medium
term time frame. The markets continue to show a bullish indication and are
aptly positioned to achieve the levels of 12200-12300. With good support at
11800-11600, any correction can be utilized to go long on the index.
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Resistance: 12000, 12200
Support: 11800, 11600
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