Nifty Outlook for 10 October 2016
The correction pattern of the Nifty50 is losing momentum, which is turning out to be a sideways and shallow correction. The results season will begin next week, which can coincide with the restart of a new rally.
Maruti reported monthly sales growth of 30 per cent compared with the previous year, which shows the underlying robustness of the economy. Auto spending is one of the most reliable indicators of the health of the economy.
Both private and public sector banks are selling bad and stressed assets to ARCs to clean up balance sheets in a runup to their second quarter earnings.
Crude oil is nearing $50 a barrel mark, which could well spoil the party for the bulls in the aviation as well as plastics sectors. Gross refining margin or GRM has increased 50 per cent in September, which was a boon for the downstream refinery sector.
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