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Share Market Next Week: Nifty expiry happened on Thursday and after that the market conditions have changed. Despite RBI raising the repo rate by 50 basis points, the Sensex gained 1,000 points. I have seen people walk with the direction of the wind. At the level of 17,000 Nifty they were talking about 16,200 then 15,000. No one could see it except the CNI team. We advised people to buy. At 15,000 level, we have given a target of 18,000. And the same happened. We have predicted an all-time high in 2022 and no one can stop us from going there.
America, UK and the whole world are struggling but why are we so confident. GDP growth rate will remain flat but there is no slowdown. The situation will remain like this for the next few quarters. We will definitely achieve 7 percent growth rate. Tax revenue is rising, monsoon has been good and there is an emphasis on infrastructure expansion. Domestic consumption has increased as well as per capita income is also increasing.
In the UK, the inflation rate is at its peak, yet the government is giving concessions there. This means that efforts to control inflation by making interest rates expensive have failed. Looking at the UK, it is believed that America can also do what I have said before. America can also increase the money supply. So that the crisis of recession can be avoided. The market will remain bullish, it is a different matter that the correction will continue in the market. The market works on the basis of demand and supply. The market will return. I see bright future for GTV ENGG and SUNIL AGRO. Consolidation is going on in the stock of SUNIL AGRO. Whenever you invest in a stock, you must calculate the bottom level. And if it goes down, you should buy more shares. For example Artfact moved from 77 to 45 level and is now trading at 54.
On writing this report, Nifty is trading up 320 points, Bank Nifty 1110 and Sensex up 1078 points. Which is enough to tell how everything went out of hand on the day of expiry. When 1300 points settled down in September, it would not be surprising if 1000 to 1200 points came upside in October.
(These are personal views of the author)
Kishor P Ostwal, CMD, CMI Research
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