Mumbai: Indian equity indices witnessed a stellar rally last week. This is the eighth consecutive week when frontline indices posted gains as positive sentiment due to the robust budget which was presented on July 23.
Nifty ended the week at 24,834.85, up 1.24 per cent from the previous week. The National Stock Exchange benchmark reached a new all-time high of 24,861.15 in the last week. While Sensex closed the week at a near-lifetime high with a 0.90 per cent gain compared to the previous week.
The next week’s outlook for the market will be guided by several domestic or global factors.
On the domestic front, India Infrastructure Output (YoY) (Jun), HSBC India Manufacturing PMI (Jul), Q1 results of the top Indian companies, and the FII and DII activities will drive the market in the upcoming week.
On the global front, The Federal Open Market Committee (FOMC) meeting on Thursday is expected to maintain a dovish tone, keeping rates unchanged at 5.25 per cent – 5.50 per cent. The Bank of Japan’s interest rate decision, scheduled for Wednesday, is another key event.
Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd said, “The Nifty index has formed a robust bullish candle on the daily chart, reaching a fresh all-time high. The immediate resistance level is at 25,000, and trading above this threshold could signal a strong bull market which can take the index towards 25,400. Conversely, support is identified at 24,500.”
Alex Volkov, Market Analyst at VT Markets on global markets said, “US Indices Mixed as ASX 200 Ends Winning Streak. It was a mixed week for US equity indices. The tech-heavy Nasdaq 100 extended its decline following underwhelming earnings reports from tech giants like Tesla and Alphabet.”
–IANS