Nirali Shah of Samco Securities says that the auto sector is going through a difficult period. The supply shortage of semiconductor chips has upset auto makers all over the world. Many companies have even had to temporarily stop production.
Talking about India, the rise in base metal here and the fire in fuel prices have also hurt the demand of auto companies. For this reason, selling in auto stocks has also been seen in recent times.
Nirali Shah says that in view of the increasing cases of Covid 19, the market will remain volatile. In the April series, the market will be eyeing fourth quarter results, meeting of the Monetary Policy Committee, bond yields and other macro figures.
He said that in the week ending 26th March, we got to see a lot of ups and downs and the market was occupied by Beers. He further said that after the strong growth in the market after March 2020, a healthy correction is now natural. Apart from this, the new wave of Corona has also created an atmosphere of uncertainty in the market.
Talking about the prospects of the April series, he said that the market in April series could remain in mild bullish trend from the sideways, as the Nifty is still trending among the Rising Channel and there is a possibility that it will see a bounce ahead. Can.
Talking on the outlook of the Bank Nifty, he said that the bank Nifty may also see further bullish trend as it also seems to be moving upwards in the higher low-higher high formation. Bank Nifty has support at previous registration level. There is immediate support for Nifty at 14250 while 14,870 can be registered for it while for Bank Nifty there is immediate support at 32,600 while upward registration is seen at 34,370.
How will the market move in the future
Nirali Shah says that April series will see ups and downs amidst growing cases of Covid 19, fearing lockdown again in India and abroad. Apart from this, the fourth quarter results of the companies’ financial year 2021 will start coming in April. Looking at last year’s low base, it is expected that the results of the companies will be good in the fourth quarter.
Nirali Shah says that at this time investors should bet on IT and metal stocks as companies associated with this sector are expected to have better results.
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