Indian stock markets ended the Hindu calendar year Samvat 2076 on a positive note as the benchmark Sensex and Nifty indices ended moderately higher on Friday. For the year as a whole, Samvat 2076 delivered smart returns for investors with Sensex gaining 11%, although the ride was highly volatile. The Sensex had hit a 52-week low of 25,638 in March when the coronavirus pandemic sparked a major selloff around the world.
Many analysts remain optimistic about Samvat 2077. Sameet Chavan, Angel Broking’s chief analyst, says: “The year 2020 has not been great for humanity as we have had to make many big changes in our lives. The pandemic greatly affected health and economies around the world. But it seems that things are slowly and steadily returning to normal. In fact, a lot of positivity around the world pushed markets to new all-time highs. “
“Well what ends well, and therefore we can see a brighter picture from now on until the next Samvat. On the bright side, the next milestone of 13000 is likely to be achieved very soon – in fact, not we rule out the possibility of reaching 13100 – 13200 in the next week. Any drop towards 12600 – 12450 should be used as a buying opportunity, “he says.
“Traders are advised not to expect any significant correction in the near future and therefore not venture to place contradictory bets on such a strong bull run. We are sounding extremely optimistic because almost all major sectors are contributing to this one. increase and can therefore be considered robust. “
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HDFC Securities remains cautiously optimistic about Samvat 2077. “Overall, after a turbulent past year, we can look forward to a relatively quiet but selectively rewarding year,” the brokerage said.
“India is not out of the woods yet when it comes to the Covid pandemic or its impact at the macro or micro level, although the latest macro and micro data are encouraging,” he added.
In the new Samvat, investors should consider asset class diversification, sector diversification, distribution of investments over time (via SIP or tiered investments), he added.
For the upcoming holiday shortened week, Ajit Mishra, Research Vice President at Religare Broking Ltd, believes that global signals will refocus as there are no major domestic triggers and the corporate earnings season is almost over. Indian markets will be closed on Monday.
“In the event of any decline, it would find support around the 12,400-12,500 zone. In the meantime, we suggest focusing on the wider markets as we are seeing new traction, but we stick to the medium and small quality names. compounding, “he says.
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