The indices battled weak and underperformance came from auto, metal and realty stocks followed by pharma, bank and oil & gas stocks. Nifty stood at 4,510 down 9 points, while Sensex shut shop at 15,590 down 26 points. Inflation for week ended August 25 stood at 3.79% as against 3.94% for the week ended August 18 whereas the market estimated it at 3.89%. The FIIs buying has also been considerable.
The September 18 Fed decision will be the key driver of market sentiment, believes experts. Sep 18 is an important day for the US when the interest rate policy is decided for the US but it’s an ongoing process and nothing to read too much into it. Although some people might get nervous thinking that the Fed might not cut rates.
I see a downside over the next three months where Nifty will range between 3750-4750. If we can sustain a couple of days above 4,500, we should get upto 4,640-4,650 and then probably again get into a bit of a range, while the market waits for a desired result on September 18. If the result is favourable, you would probably see an immediate breakout to new highs.
Market Next Week: Market next week will see some nervousness.Great Chance of a dip.
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