Talking about the future prospects of the market, CNBC-Awaaz Managing Editor Anuj Singhal said that today the market can be seen moving on the basis of good signals. The results of Kotak Bank and Wipro have been good. Both Nifty IT and Nifty Bank may show strength today. There was disappointment with Friday’s price action but there were also some rays of hope. Nifty was successful in saving the lower levels of the series by 50 points. Market breadth was quite positive, midcaps outperformed on Friday. Nifty is now in make or break zone. This week is very important. If Nifty closes below 23,050 in closing, it will be quite negative. If Nifty goes above 23,350 then it can run up to 23,600.
Reliance is up 7 percent this month. This has saved Nifty from breaking. Reliance is now showing strength, above 20 and 50 DEMA. If Reliance crosses 1325, it can take Nifty out of correction. ICICI Bank is once again moving towards 200 DMA. If ICICI Bank slips below 1200 then Bank Nifty can break.
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What should be the strategy now?
The next 2 weeks are very important in the market. Today Shaan is to be crowned Donald Trump. This tenure of Donald Trump will be different from last time. Many people believe that perhaps China will run away from here. Trump feels that this is not the China of 8 years ago, it has become much bigger. If big money goes to China then FII selling in India will increase. FII money is still very important for largecaps. If there are daily sales of Rs 7,000-8,000 crore then it is difficult for large wrap to survive. But there is a lot of valuation comfort in largecaps now. You can do SIP in largecap in the next few months. The second big event is the budget coming on 1st February. If something big happens in the budget then there can be a rally. But the market is not ready for any budget googly. Curb your trading urges a bit until February 1st.
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