New Delhi, Sep 29 (IANS) The Indian equity indices witnessed a sharp rally last week as Sensex and Nifty both made new all-time highs of 85,978.25 and 26,277.35 respectively. Now, the market outlook for next week looks very positive, experts said.
The outlook for the market will be guided by movements in commodity prices, the US dollar index and key macroeconomic data from the US will also be pivotal in shaping the market’s direction. Additionally, geopolitical developments will continue to be a key factor on the global stage.
On the domestic front, manufacturing and services PMI data, upcoming monthly auto sales data and quarterly results from companies could drive stock-specific movements in the near term.
Last week, the key benchmark indices, Nifty and Sensex continued their upward momentum for the third consecutive week, reaching fresh all-time highs. This rally was supported by the growing optimism about reducing borrowing costs by major Central banks including RBI after the US Federal Reserve cut key benchmark rate by 50 bps in the week ending September 20.
On Friday, Sensex closed at 85,571, down 264 points or 0.31 per cent. Nifty settled at 26,178, down 37 points or 0.14 per cent.
Among sectoral indices, metal emerged as the top performer, followed by auto. The PBoC (People’s Bank of China) cut the amount of cash that banks must hold as reserves by 50 basis points, the second reduction this year aimed at bolstering faltering economic growth.
On the domestic front, strong foreign inflows further bolstered market sentiment. In September, foreign institutional investors (FIIs) invested Rs 25,215.25 crore in the cash segment this month so far, while domestic institutional investors (DIIs) invested Rs 25,214.25 crore in the cash segment.
Vishnu Kant Upadhyay, AVP of Research and Advisory at Master Capital Services said: “Nifty has delivered a strong weekly closing for the third consecutive month, now trading above 26,000. Market sentiment remains positive, with immediate resistance at 26,500, and a breakout above this level could propel the index towards 26,650.”
“On the downside, key support is at 25,900, with a breach potentially triggering selling pressure towards 25,600. Given the prevailing positive sentiment, we recommend a “buy on dip” strategy for traders looking to capitalise on any short-term correction,” Upadhyay added.
Santosh Meena, Head of Research at Swastika Investmart said: “Last week, Bank Nifty witnessed some profit booking around the 54,500 level. Immediate support levels are seen at 53,700, 53,300, and 53,000, with the bullish momentum persisting as long as it stays above the 53,000 mark. On the upside, resistance levels are marked at 54,500, 55,000, and 55,500.”
–IANS
avs/kvd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
