New Delhi, Nov 10 (IANS) The market outlook for next week will be guided by key macroeconomic data and the last round of Q2 earnings.
India is set to release Consumer Price Index (CPI) and Index of Industrial Production (IIP) data on November 12, with Wholesale Price Index (WPI) data expected on November 14. Globally, the US inflation report on November 13 will be critical, as it may influence the Federal Reserve’s upcoming policy stance.
Last week, the stock market closed in the deep red. Nifty fell 0.64 per cent or 156 points to 24,248 and Sensex fell 0.30 per cent or 237 points to 79,486.
The decline in the Indian stock market is believed to be due to weak second-quarter results, a strengthening of the dollar, and continuous selling in the market by FIIs.
FIIs continued their net selling, offloading Rs 19,637 crore in the cash segment, while Domestic Institutional Investors (DIIs) maintained their support, purchasing Rs 14,391 crore.
Santosh Meena, Head of Research, Swastika Investmart said, “For the Nifty, the index struggled to cross its 20-day moving average (20-DMA) around the 24,500 level. Sustaining above the 20-DMA is essential for a meaningful short-covering rally, with resistance levels at 24,700 and 25,000. On the downside, immediate support lies at 24,075, with additional support at 23,800 and the 200-DMA around 23,500.”
Palka Arora Chopra, Director of Master Capital Services said, “Bank Nifty ended the week flat, facing strong resistance in the 52,500-52,600 range. The index is trading within a 2,000-point range, with buying seen around 50,500 and selling at 52,500. It’s now expected to move toward the lower end of this range. Immediate resistance is at 51,800, which could push the index back up to 52,500. On the downside, if Bank Nifty breaks below 51,300, it may fall further to 50,800.”
“If Bank Nifty gave closing below the 21-day EMA, a “sell on rise” approach is advised for the coming week to stay aligned with the current trend,” she added.
–IANS
avs/svn
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.
