PSU Banks, Real Estate and Auto Stocks Should Outperform: Santosh Meena, TradingBells
Indian markets closed the week strong on back of positive global cues. Authorities from China and United States are working on solving trade dispute and stock markets worldwide have witnessed strength on easing trade war between the two largest economies.
It was a stellar week for the market where Nifty and Sensex gain more than 1.5% with record closing at a lifetime high. Nifty and Sensex are likely to end 2019 with again around 15% while we underperformed the global market in 2019 because of some domestic headwinds in the middle of the year.
Indian market is in strong bullish momentum and this momentum is likely to continue where Nifty is likely to touch 13000 kinds of level very soon and this could happen before the budget itself. In near term 12350/12500 are immediate target levels while in the downside 12150-12050 area has become a strong base where buy on dip texture will continue in the future. If we talk about the last 6 days of 2019 then we may see some consolidation in the headline index with some positive bias as foreign fund flow may remain muted amid holiday mood while broader market outperformance can be seen in the last of week of 2019.
In terms of sector, Metal did well last week on the back of easing trade tension between the US and China and strong economic data from the US. It may continue its upside momentum in the coming week as well. PSU Banks, real estate and auto sector should also do well after the announcement of "Operation Twist" by RBI to lower long term yield.