Stock Market
The Friday closing price of Indian stock markets was higher, despite being below the day’s high.
Both the Sensex and Nifty had weekly gains of about 1.7%, marking the first weekly gains in three weeks.
The BSE Sensex increased to 59,793 on Friday after breaching 60,000 levels earlier in the day. The NSE Nifty 50 index decreased to 17,833 on Friday.
Indian markets will be monitoring Monday’s retail inflation data in addition to global factors.
According to some analysts, Indian equity markets may continue moving upward in the face of encouraging global indicators.
Foreign investors are flooding the market despite warnings from certain analysts about exorbitant values because they believe the Indian economy will grow more rapidly than its peers globally.
The Nifty 50 is up roughly 2.8% for the year, while the largest MSCI index of Asia-Pacific shares outside of Japan is down 19.7%.
Also improving investor sentiment is a drop in oil prices. India, the third-largest oil importer in the world, gains from a decline in prices since it lowers imported inflation.
“Benchmark indexes for the Indian equity market” even though the previous week’s losses were negligible and we were beating our competitors globally, the Nifty and Sensex broke their two-week losing streak and maintained their upward trajectory. Given the favorable reversal in global indications, the positive trend is likely to continue. Strong FII inflows and a dramatic decline in crude oil prices served as major market boosters in India. If the FII inflows continue to be positive, our market is likely to shortly reach new highs. The market will be paying close attention to macroeconomic data this week, particularly the US inflation rate and our IIP and inflation reports.
Technically, Nifty must overcome the psychological barrier of 18000 before rallying toward the 18350/18600 levels. On the downside, the 20-DMA will serve as an immediate and powerful support level at 17700, while 17500 is a sacred support level.
The 40800–41000 zone is an immediate and strong resistance area for the Bank Nifty, which is outperforming and has risen above the 40000 level. Above this, we can anticipate a rally into the 41800–42000 zone. 40000–39500 will function as a strong demand zone on the downside.
