The FY 24 Q1 earnings growth is muted except in banking and refineries. Results indicate that rural demand is yet to pick up in a meaningful manner, he said.
Even though the Indian economy is in a sweet spot and it makes sense to remain invested, investors should be cautious in their fresh investment, particularly in chasing low grade small-caps, he added.
Sensex is trading down 16 points at 66,511 points led by losses in Powergrid down a massive 5 per cent.
Anand James, Chief Market Strategist at Geojit Financial Services said on Nifty outlook, being back in the 19770-840 region, potential for regrouping of bears is high. “Yet, we feel that upside momentum should prevail, with yesterday’s turn higher ticking several boxes, taking us to the verge of a flag breakout that should set the trajectory firmly enroute 20600”, he said.
While we await a push above 19,800 to confirm such a move, downside marker may be pushed higher to the 19725-695 region, he added.