Auto sales numbers and RBI Policy will be important for Indian Markets: TradingBells
Indian Stocks have witnessed a strong move during the last two weeks. While mid-cap and small-cap stocks are still trading low, blue-chip companies have led the current rally. Indian markets have major triggers coming with RBI policy and Automobile sale numbers. Market overview by Mr. Amit Gupta, Co-Founder and CEO TradingBells follows......
The market ends this week on a strong note where it witnessed profit booking on Friday but the buy on dip texture is still intact. In the downside, 12000-11950 will act as a strong and immediate support zone and every dip will be a buying opportunity till Nifty trades above this zone while if Nifty slips below 11950 level then short term weakness is expected towards 11800/11700 levels.
In the upside, we can see 12350/12500 level very soon. Banknifty is the leader of the current bull run and it may continue its leadership where we can see 33500 levels in the Banknifty in the near term. We have RBI credit policy next week on 05th December where MPC may continue its rate cut cycle as growth is a major concern for the time being and that will help the market to move higher despite growth worries.
Other than RBI policy, Auto sales numbers and global cues will be important for the market next week.