While commenting on Nifty Outlook for the next week, we maintain our views that markets may remain range bound but if fuel prices are hiked then it will be positive for oil and marketing companies. Markets would also be looking out for quarterly earnings from second week of April with IT major Infosys. As far as rupee movement is concerned, liquidity flow from FIIs as well as government borrowing plan would determine the rupee movement. So in the current scenario, we would continue to recommend bottoms up approach to accumulate stocks of companies having ethical management and attractive valuations across sectors like IT, Banking, Media, Logistics, Capital goods and infrastructure.
Overall, Nifty has taken support at 200 dma and showed strong buying. The renewed buying interest can take nifty to 5,470 levels in the coming days. On the downside, 5,130 continues to be a support.
