Markets ended Friday on a high note with the benchmark indices outperforming the broader markets and 43 out of 50 stocks ending higher. For the week, Sensex, Nifty and midcap indices ended in the green but Nifty bank closed in the red.

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In an interview with CNBC-TV18, Rohit Srivastava, founder and strategist at Indiacharts.com said Nifty managed to cross above its 20-day moving average and is making a higher high higher lows pattern. He expects the bullish trend to continue towards 18,600 or higher.

Ashwini Agarwal, co-founder and partner at Ashmore Investment Management (India) said the Indian macro story is extremely compelling and strong but there are headwinds in terms of valuations, earnings momentum, paper supply and global cues.

He said markets are looking for direction but there is a lack of conviction either on the upside or on the downside.

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He added, “IT has done extremely well over the last year and the demand conditions continue to be very robust. Businesses are doing very well on the revenue front. However, they continue to struggle with the shortage of manpower and wages are rising. So, will revenue be strong enough to compensate for the higher attrition and higher wage cost? Also, the valuations do not give any room for disappointment.”

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Disclosure: The CNBCTV18.com editorial team does not engage in speculative or active trading in stock markets and follows its Code of Conduct on securities trading and investment. Any investor/ viewer is advised to carry out necessary diligence on their own or through a certified registered financial advisor for investment decisions.

(Edited by : Kanishka Sarkar)

First Published:Nov 12, 2021 9:24 PM IST