New Delhi: The outlook for the market for next week will be guided by the major domestic and global economic data such as India Nikkei S&P Global manufacturing and services PMI data, India RBI MPC meeting minutes, US initial jobless claims, FII activities and quarterly results, according to the experts.
Between October 21 and 25, the results for the September quarter of the financial year 2024-25 will be released by companies like Bajaj Housing Finance, UltraTech Cement, Adani Energy Solutions, Adani Green Energy, Bajaj Finance, Godrej Property, TVS Motors and JSW Steel.
The Indian stock market extended its losing streak for the third consecutive week with nifty 50 toppling to its weakest level since August before settling the week at 24,854, down nearly 0.50 per cent or 110 points from the previous week, while Sensex declined around 0.20 per cent or 156 points to end the week at 81,224.
The weakness in Indian indices was triggered by disappointing quarterly earnings by major companies and underwhelming India’s inflation figures which again fuelled the expectation of delay in early rate cut by RBI (Reserve Bank of India). The consumer price inflation in India rose to 5.49 per cent in September from 3.65 per cent in the previous month, well above market estimates of 5 per cent. It was the highest inflation rate since the start of the year, overshooting the RBI’s target of 4 per cent after dropping below the threshold in the first two months of the September quarter.
However, a significant fall in crude oil prices helped the market to recover from lower levels.
On the domestic front, Foreign Institutional Investors (FIIs) continued to offload shares, selling Rs 21,823 crore in the cash segment, while Domestic Institutional Investors (DIIs) kept their buying momentum with purchases totalling Rs16,384 crore in the same segment.
Palka Arora Chopra, Director of Master Capital Services said, “Nifty 50 ended its three-week losing streak by closing in the green. The key resistance now stands at 25,000, and a breakout above this could lead to a move toward 25,300. On the downside, support is at 24,500, and a breach below this may see the index drop to 24,200.”
Pravesh Gour, Senior Technical Analyst at Swastika Investmart said, “Bank Nifty, on the other hand, is showing relative strength, with resistance at 52,400 and 53,000. The immediate demand zone lies between 51,700 and 51,500. It needs to cross the 20-DMA Of 52,300 to confirm a bullish reversal. Above 20-DMA, the next target will be the 53,300 level.”
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