The market outlook will be guided by key domestic and global economic data such as domestic vehicle sales figures by automobile companies, US and Indian PMI data, Fed Chairmen's speech, any budget or government policy-related announcements, foreign fund inflows, and crude oil prices. Prices.
According to experts, "This week the market's focus may remain on companies in the cement and telecom sectors." The cement sector may see consolidation with UltraTech buying a non-controlling stake in India Cement. The price increase by all the telecom companies will also affect the profits of these companies.
Arvinder Singh Nanda, Senior Vice President, Master Capital Services, said, “On the weekly chart, the index has formed a significant bullish candle which completely engulfs the previous week's candle and broke down from its high indicating a bullish bias. Closes at the top.”
“The pattern suggests that if Nifty crosses 24,200 and sustains above, it may attract buying interest, leading to the index moving towards 24,500 – 24,700 levels. On the contrary, from 23,800 A downside move could lead to selling pressure, which could potentially take the index to 23,600 – 23,400 levels, Nanda said, adding, “For the coming week, we expect Nifty to touch 24,600 – 24,000 with a positive bias. Will trade in the range of 23,600."
In the previous session, Indian equity benchmarks closed lower due to profit-booking at higher levels. Sensex was down 210 points or 0.27 per cent at 79,032 and Nifty was down 33 points or 0.14 per cent at 24,010.
According to experts, "This week the market's focus may remain on companies in the cement and telecom sectors." The cement sector may see consolidation with UltraTech buying a non-controlling stake in India Cement. The price increase by all the telecom companies will also affect the profits of these companies.
Arvinder Singh Nanda, Senior Vice President, Master Capital Services, said, “On the weekly chart, the index has formed a significant bullish candle which completely engulfs the previous week's candle and broke down from its high indicating a bullish bias. Closes at the top.”
“The pattern suggests that if Nifty crosses 24,200 and sustains above, it may attract buying interest, leading to the index moving towards 24,500 – 24,700 levels. On the contrary, from 23,800 A downside move could lead to selling pressure, which could potentially take the index to 23,600 – 23,400 levels, Nanda said, adding, “For the coming week, we expect Nifty to touch 24,600 – 24,000 with a positive bias. Will trade in the range of 23,600."
In the previous session, Indian equity benchmarks closed lower due to profit-booking at higher levels. Sensex was down 210 points or 0.27 per cent at 79,032 and Nifty was down 33 points or 0.14 per cent at 24,010.
