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MARKET VIEW: Positive data, more upside

Corporate results so far have shown a 7.8% rise in YoY sales and 2.2% fall in net profits for the 2nd quarter. Some profit decline was expected due to demonetization and GST impact. Direct tax collections have increased by 16%, IIP data was highest in nine months, inflation is stable, geopolitical issues are not alarming, and global growth is showing signs of pickup. Nifty may make new high and may renew its bull phase. 

Nifty may rise up to 10500 in short term if it stays above 10000 which is now the immediate support. If Nifty falls below it, 9700 will be a strong support.   

Investors should focus on balanced funds and SIP investors can continue. 

 

Market View: Positive data, more upside /13/ Oct /2017.