Mumbai, Aug 11 (IANS) The Indian equity market witnessed volatility last week as a potential slowdown in the US due to weak economic data and disappointing guidance from many companies is being feared.
Both frontline indices posted a loss in the last week. Nifty ended the week at 24,367.50, down 1.42 per cent, while Sensex settled the week at 79,705.91, down 1.58 per cent from the previous week.
Foreign institutional investors (FIIs) sold Rs 19,139.76 crore in the cash segment last week. However, Domestic institutional investors (DIIs) continued their buying streak, acquiring about Rs 20,871.10 crore in the cash segment in the last week.
The outlook of markets for the week will be influenced by various factors.
Bluechip companies like Hero MotoCorp, Hindalco and Apollo Hospital will present the results of the first quarter of the current financial year in the coming week. Apart from this, July inflation figures will also be released. Along with this, foreign institutional investor’s (FIIs) data and the price movement of crude oil will play an important role in deciding the direction of the market.
Arvinder Singh Nanda, Senior Vice President, of Master Capital Services said, “Nifty index has formed a Hammer candle on the weekly charts, indicating a potential further upside move in the coming week after a contraction of a thousand points from its life highs. The next resistance level is at 24,400, and if this level breaks, we could move towards 25,000.”
“On the support side 24,000 will act as a major support and if the NSE benchmark moves below this, we could see a fall towards 23,500,” he added.
Pravesh Gour, Senior Technical Analyst at Swastika Investmart said, “Bank Nifty is trying to establish a base around its 100-DMA at 50,000 after a period of prolonged underperformance. The 20-DMA at approximately 51,200 will be a significant challenge for any potential bounce-back.”
–IANS
avs/dpb
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.
