Tuesday, July 23, 2024

Market Outlook: PMI data, budget and auto sales key triggers for this week


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Shillong, June 30: Indian equity indices closed with gains last week despite mixed cues from global peers. Frontline indices both Sensex and Nifty posted gains of more than 2 per cent making their fourth consecutive week of growth.


The outlook for the market will be guided by the major domestic and global economic data such as domestic vehicle sales figures by automobile companies, US & Indian PMI data, FED chairs’ speech, any budget or government policy-related announcements, foreign fund inflow, and crude oil prices.


According to the experts, “This week the market may focus on companies in the cement and telecom sectors. Consolidation may be seen in the cement sector due to UltraTech’s acquisition of a non-controlling stake in India Cement. At the same time, tariffs have been increased by all the telecom companies. This will also affect the profits of these companies.”


Arvinder Singh Nanda, Senior Vice President of Master Capital Services, said,” 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, signalling a bullish bias.”


“The pattern suggests that if Nifty surpasses and holds above 24,200, it could attract buying interest, pushing the index towards levels of 24,500 – 24,700. Conversely, a drop below 23,800 could lead to selling pressure, potentially driving 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,” Nanda added.


In the last session, Indian equity benchmarks ended lower due to profit booking at a higher level. Sensex was at 79,032, down 210 points or 0.27 per cent and Nifty was down 33 points or 0.14 per cent at 24,010. (IANS)


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