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“It is the entire sector which is doing quite well or the majority of the stocks within the sector which have done exceptionally well. That is a sign that this strength should continue for the sector over the near to medium term. My picks remain M&M as well as Maruti. I believe traders could look at the buy on dips opportunity in these two stocks.”

On the sectoral front, S&P BSE Bankex dropped 2.3 pent, while BSE IT index slumped 2.8 per cent. BSE Metal index lost 2.7 per cent while the realty index shed 1.6 per cent. BSE Oil and Gas index, however, notched up gains of 0.6 per cent for the week, likely buoyed by a sharp rise in global crude oil prices.

For the coming week, the markets may find resistance at 16,400 and 16,665 levels. On the lower side, supports exist at 16,000 and 15,840 levels.

"These markets are not going anywhere; you will see sharp spikes wherein Nifty might go to 17,500 and come back to 15,500 depending on when you got in. You will feel you are a champion or you are a loser but on a one year basis, markets might not have gone anywhere."

Gold has recovered substantially from the lows set in mid-May. The debate about the monetary policy stance of the Fed and other central banks and a brief correction in the US dollar helped gold come off the lows.

"US inflation hit 40-year high, consumer price index hit 8.6%. Coming quarters will be very challenging for the US Fed because there are no signs of cooling off of inflation. We expect a volatile market in the coming week as we will see a rate hike."

After the withdrawal of liquidity, they started hiking rates and now Fed will be starting to reduce its balance sheet size. Let’s analyze the genesis of inflation, the reasons for current inflation, and what the future prospects are.

"While mid and small-caps have underperformed the large-caps for a couple of years prior to the pandemic, these companies have outperformed since then. From a medium-term perspective, we are positive about their prospects. Yet, in the near term, the outlook does not look particularly encouraging as investors’ risk aversion to equities continues with a high degree of volatility."

BSE Sensex and NSE Nifty50 have lost 13 per cent and 12 per cent, respectively, from the lifetime highs they touched in October 2021 – incidentally, the month in which the FPIs started selling.

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