Last week – review
We expect market to get decisive move and Indices have clearly given break-out on upside. Nifty closing above 17775 & Banknifty above 39786. Banknifty manage to cross above psychological level of 40000 and highest weekly closing for Banknifty.
Approach on Technical: In last 2-week, Nifty was up 1.56% and Banknifty was up 3.66% compared to 26-Aug-22 close with 9-Sep-22.
Technical are very strong and indicate further upside but consolidation at current level could be healthy. Major event for market is on 21-Sep-22, US FOMC meeting, Indian market will react to it on 22-Sep-22.
Market View & Strategy
Our strategy this week would be to book part profit on rise as we see market seeing some volatility increasing but continue to remain in narrow range. Banking remains our top picks, domestic economy companies such as infrastructure, consumption, telecom & banking will provide entry opportunity on any correction. IT companies and companies with exposure to US & Europe would remain under pressure.