Many factors will affect the market this week.
The Center will present the Budget in July and any updates related to it will impact market movements. Apart from this, data on monsoon and inflow of institutional investors will also be important for the market.
On the global front, data from China, movements in the dollar index and US bond yields will be important.
Recent data from China has painted a mixed picture, showing a strong recovery in external demand but weak domestic consumption. Expectations are that industrial production will decline from 6.7 percent year-on-year to 6.4 percent. This slight decline could reflect potential issues in the supply chain or a decline in global demand.
Santosh Meena, Head of Research, Swastika Investmart Ltd. said, "Currently Nifty is facing resistance in the range of 23,400 to 23,500. In case of downside, support lies at 23,200 to 23,100. If Nifty goes above 23,500, So it can go up." Up to 23,800 and even 24,000."
"Bank Nifty is around the range of 50,000. If it breaks the 50,200 level, it can go up to 51,000. There is a strong support zone at 49,500," said Arvinder Singh Nanda, senior vice-president, Master Capital Services Ltd. 49,400. If there is further decline then it can go up to 49,000.
The Center will present the Budget in July and any updates related to it will impact market movements. Apart from this, data on monsoon and inflow of institutional investors will also be important for the market.
On the global front, data from China, movements in the dollar index and US bond yields will be important.
Recent data from China has painted a mixed picture, showing a strong recovery in external demand but weak domestic consumption. Expectations are that industrial production will decline from 6.7 percent year-on-year to 6.4 percent. This slight decline could reflect potential issues in the supply chain or a decline in global demand.
Santosh Meena, Head of Research, Swastika Investmart Ltd. said, "Currently Nifty is facing resistance in the range of 23,400 to 23,500. In case of downside, support lies at 23,200 to 23,100. If Nifty goes above 23,500, So it can go up." Up to 23,800 and even 24,000."
"Bank Nifty is around the range of 50,000. If it breaks the 50,200 level, it can go up to 51,000. There is a strong support zone at 49,500," said Arvinder Singh Nanda, senior vice-president, Master Capital Services Ltd. 49,400. If there is further decline then it can go up to 49,000.
