Sensex, will Nifty set new all-time highs next week? Burger King IPO, MPC among the things to consider

Sensex and Nifty continued their stellar run, as they added earnings once again this week. Nifty managed to exceed 13,000 points for the first time in history, while Sensex crossed 44,000 points. Although they witnessed some earnings bookings, technical analysts believe the trend has not reversed as of now. “Technically, after a strong rally in the uptrend, the Nifty has formed a Doji candlestick pattern that clearly indicates indecision between bulls and bears. However, the benchmark’s medium-term texture remains optimistic and is likely to continue in the near term, ”said Shrikant Chouhan, executive vice president of Equity Technical Research at Kotak Securities.

GDP numbers to help momentum: The positive surprise that the Gross Domestic Product has contracted less than expected is likely to contribute to the positive sentiment. “The second quarter GDP figures were a big positive surprise. Although the figures for Agriculture and Services were slightly below expectations, the growth of Manufacturing has been much stronger than expected. Equity markets could open higher on Tuesday reflecting the positivity of the second quarter GDP figures, “said Dhiraj Relli, CEO and CEO of HDFC Securities.

Bulls go wild in broader markets: The broader markets are roaring. During the week, the BSE Midcap Index rose 1.66%, cleverly jumping after a midweek correction. The BSE Smallcap index soared 3.75% over the same period, while the Nifty smallcap 50 was up more than 5%. The recent outperformance of small- and mid-cap stocks could continue this liquidity-driven rally, analysts say. “It’s good to invest in mid-cap IT, small-cap IT, stocks that focus on mass consumer products can also be considered. Investors should avoid transportation and multiplex stocks, ”Vishal Wagh, Bonanza Portfolio’s head of research told Financial Express Online this week.

MSCI setting: The changes to the MSCI indices will take effect from Monday, when India’s weighting in global indices is expected to increase. This move by the global index provider has led many foreign funds to invest in India in recent weeks. “A change in the MSCI global standard index as of November 30th and a possible increase in the weighting of India in the global index led many international funds houses to undergo a massive restructuring in their portfolios as India witnessed massive monthly inflows of FPI this month, ”said Nirali Shah, analyst at Samco Securities Senior Research.

What do the charts say?: “Nifty on the weekly chart has formed an interesting pattern like doji at the new all-time high of 13145. Normally, a doji formation after a reasonable bullish move could indicate a trend reversal alert after confirmation of weakness in the following weeks, “said Nagaraj Shetti, technical research analyst, HDFC Securities. He added that markets may remain in range for the next week. Nifty would find resistance at levels of 13,100-13,150 while 12,850-12,750 would act as support.

IPO Clock: Fast food major Burger King’s initial public offering (IPO) will open next week, where the company seeks to raise Rs 810 crore, including a reissue of Rs 450 crore and an Offer for Sale (OFS) from the promoters. from Rs 360 crore. Investors can bid for Burger King shares in a lot of 250 shares in a price range of 59-60 rand per share.

What to keep in mind: Over the next several weeks, eyes will be on the Monetary Policy Committee (MPC) of the Reserve Bank of India. “Markets are looking forward to major events such as the RBI policy meeting, the release of Manufacturing and Services PMI and banking business data, which will be decisive factors driving the market in the coming week,” he said Vinod Nair, Head of Research at Geojit Financial Services.