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Markets to remain volatile

Monday, June 19, 2017
By Dominic Rebello

In the absence of any major trigger this week, stock markets will track the monsoons and take cues from the GST preparedness by the country ahead of its roll-out on July 1, say experts.

“There are no major events scheduled for the next week, that could have a significant impact on markets. However, as we near the launch of GST, market volatility could prevail for the next few weeks, said Anupam Singhi, COO, William O'Neil India.

Both, the BSE Sensex and Nifty registered their second straight weekly fall by losing 205.66 points, or 0.65%, and 80.20 points, or 0.82%, respectively. Nifty slipped below the psychological 9600 mark. The key U.S. Federal Reserve meeting and political uncertainties in Europe added to the woes of the Indian market.

“Benchmark Indices snapped three weeks of gains terminating a volatile trading week in the red. Further, Indian volatility Index (VIX) has bounced back from extreme oversold levels of 9 on the weekly chart portending to extended choppy trading sessions,” said Nitasha Shankar, Sr. Vice President and Head of Research, YES Securities India Ltd.

"With no major new trigger this week, markets will continue to remain very stock-specific now and it will continue to trade in a tight range until there is a trigger," said Vijay Singhania, Founder-Director, Trade Smart Online.

"Ongoing progress on implementation of Goods and Services Tax (GST) and monsoon will be the two near-term factors that will drive markets. Now onwards, investors will continue to watch the progress of monsoon rains. On the global front, the non-monetary policy meeting of the governing council of the European Central Bank (ECB) will be held in Frankfurt on Wednesday. While the general council meeting of the ECB will be held in Frankfurt on Thursday," he added.

Advising investors, Jimeet Modi, CEO, SAMCO Securities said, “There are no major events in the coming week and therefore market will just oscillate without any firm direction. Investors should adopt a cautious approach.”

“We see strong possibility of Nifty resuming uptrend next week and traders should align their positions accordingly. The index majors are performing consistently in line the benchmark index and thus we reiterate our view to focus on them. In fact, it's easier to hedge a trading portfolio with index stocks during corrective phase,” said Jayant Manglik, President, Retail Distribution, Religare Securities Ltd.

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