Mumbai, June 23 (SocialNews.XYZ) The outlook of the Indian markets will be guided by monsoon updates, any upcoming budget-related announcements, marco cues, and global factors like US GDP data this week.
Last week, Sensex and Nifty both posted minor gains of 0.20 per cent but it was the third consecutive week when benchmark indices closed with the gains.
On the Domestic front, key factors to watch will be the progress of the monsoon, FII, and DII fund flows, and crude oil prices.
On the global front, economic data like the US Q1 GDP data and the US core PCE price index will be released on June 27 and 28 respectively. The movement of the dollar index and US bond yields will be crucial.
Pravesh Gour, Senior Technical Analyst at Swastika Investmart said that this week, sector-specific movements are anticipated amid budget-related buzz.
“Key factors to watch include the progress of the monsoon, which will be closely monitored for its near-term impact on investor confidence,” he said.
Arvinder Singh Nanda, Senior Vice President, of Master Capital Services said that in the Nifty index, consolidation persisted for last week, culminating in a weekly close with a minor gain of 35.50 points.
“Daily chart analysis indicates that Nifty has been consolidating within a broad range of 23,400 to 23,700, and this trend is likely to continue,” he said.
Pravesh Gour added that on the derivatives front, the long exposure of FIIs in index futures stands at 57 per cent, whereas the put-call ratio is sitting at the 1.04 mark, both of which point to a bullish tilt in the market.
Source: IANS
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