July 1st 2024.
Last week, the Indian stock market saw a positive trend despite mixed signals from global markets. The main indices, Sensex and Nifty, both recorded an increase of more than 2 percent, marking the fourth consecutive week of growth.
The market's future direction will be influenced by various factors such as domestic and global economic data, including vehicle sales figures from Indian automobile companies, PMI data from both the US and India, speeches from the FED chairs, any announcements related to the budget or government policies, foreign investments, and the price of crude oil.
Experts predict that this week, the market may focus on companies in the cement and telecom sectors. There may be consolidation in the cement sector due to UltraTech's acquisition of a non-controlling stake in India Cement. At the same time, all telecom companies have increased their tariffs, which could impact their profits.
Arvinder Singh Nanda, Senior Vice President of Master Capital Services, pointed out that on the weekly chart, the index has formed a significant bullish candle that completely engulfs the previous week's candle and closed above its high, indicating a bullish trend.
Nanda also added, "According to the pattern, if Nifty manages to surpass and maintain above 24,200, it could attract buying interest, leading the index towards levels of 24,500 - 24,700. On the other hand, a drop below 23,800 could result in selling pressure, potentially pushing the index towards 23,600 - 23,400 levels. For the upcoming week, we anticipate Nifty to trade within the range of 24,600 - 23,600 with a positive bias."
In the last trading session, the Indian stock market closed lower due to profit booking at higher levels. Sensex was at 79,032, down by 210 points or 0.27 percent, while Nifty was down by 33 points or 0.14 percent at 24,010.
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