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Positive global cues after successful closure of phase 1 negotiations on the US-China trade deal changed investors’ mood across the globe, including ours.

In the last week, the GST council too provided relief to the market by choosing not to tamper with any rates (except for lotteries) despite pressure to boost revenue amidst shortfall.

These factors drove both Sensex and Nifty towards new record highs of 41,810 and 12,294, respectively. During last week, both indices ended nearly 1.5-1.6 percent higher, albeit the rally was largely driven by major index stocks.

This week is a holiday-shortened one and we expect volatility to remain high due to scheduled derivatives expiry. In the absence of any major event on the local front, global cues will continue to dictate the market trend.

On the index front, we’ve been maintaining 12,300 as the immediate target for the Nifty and it has almost reached that mark.