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Dolat Capital Report
Historically, October-December has generally been positive for markets with sharp upmove towards end of Dec (generally referred to as Santa rally!)
Talking in terms of technical, Nifty now has two major support, one at 17200/17100 range and then at 16500! We believe, considerable downside to playout in the index only if 17100 is broken and sustained.
On upside, believe anything past 18200 on Nifty can lead to material gains with index moving towards 19500-20000 range.
Sector specific, we see big risk in IT sector, specifically after seeing sharp upmove but stalling momentum.
On other hand, we remain extremely positive on financial services, fast moving consumer goods and pharma indices.
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