Indian markets kicked off the week with a pause for celebration, with trading suspended on Monday, January 22nd, 2024, to honor the highly anticipated Ram Mandir consecration ceremony in Ayodhya. This significant event was celebrated with great festivity across India.
In observance of the momentous Ayodhya Ram Mandir opening, trading took place on the 20th of January instead of the 22nd. As a result, this report will cover the period from January 20th to January 25th.
Nifty 50 witnessed a slightly volatile week, ending marginally lower with -1.16%, amidst mixed global cues and corporate earnings announcements.
- Global markets were mixed, with some regions like the US experiencing gains while others, like Europe, faced declines. This uncertainty spilled over into the Indian market, leading to cautious trading.
- Megatherm Induction announced its IPO price band for the upcoming week, generating some buzz and interest in the primary market.
Here is a summary of the performance of Investmint models for this week:
Leaders and Laggards
- The 'Quick Short' and 'BTST' models were the best performers, yielding +5.06% and +2.55%, respectively.
- On the other hand, 'High Five' and 'Buy High Sell Higher' were among the underperformers, with -6.50% and -1.36% returns, respectively, in the same period.
As we wrap up this week, we adopt a cautious approach. As long as the index stays below 21500, our outlook for the upcoming week will lean towards a mildly bearish to sideways stance.
A move below 21200 will confirm the continuation of downward🇮🇳 trend.
While celebrating the 75th Republic Day with pride, it's essential to approach investments with prudence.
Happy Republic Day!
Disclaimer: The opinions expressed in this blog are personal views and should not be considered financial advice. Please do your own research and consult with a professional before you make any investment decisions.
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