Mumbai, July 21 (SocialNews.XYZ) India equity indices witnessed volatility in the last week. At the start of the week, indices experienced buying but in the last session profit booking was seen in the markets.
However, Sensex and Nifty posted minor weekly gains. It is also the seventh consecutive week when benchmark indices railed.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-2025 in the Lok Sabha on Tuesday, July 23, 2024. Several factors will influence the market direction, including Q1 FY25 earnings reports, domestic and global economic data, and broader global market trends. Market sentiment will be closely monitored by observing FII and DII activity and crude oil prices.
On the global front, Market participants will be closely focused on US economy data like US durable goods data and US core PCE price data on July 25 and July 26, respectively.
Last week, Sensex closed at 80,604 with a gain of 85 points or 0.10 per cent and Nifty closed at 24,530 with a marginal gain of 28 points or 0.11 per cent.
Foreign Institutional Investors (FIIs) extended their buying this week, as they bought equities worth Rs 10,946 crore, while Domestic Institutional Investors (DII) sold equities worth Rs 4226 crore.
Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd said that the Nifty index has formed a shooting star candle on the weekly charts, suggesting a potential reversal from the recent upward trend after making an all-time high of 24854.80.
“The immediate support levels are 24,150 and then 23,750. A break below these levels could signal continued bearish momentum and potential further declines. On the upside, the resistance zone is between 24,850 and 24,900,” he said.
Vinod Nair, Head of Research at Geojit Financial Services, said that the investors are anticipating pro-industry and populist measures with prudence on fiscal.
“If the budget meets the expectation, it will provide more stability in the market,” he said.
Source: IANS
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