INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Domestic equity market settled in positive territory last week, with the BSE benchmark Sensex index edging up 0.5 per cent to
38,862.23 and Nifty adding 0.36 per cent to 11,665.95.
This was the seventh consecutive weekly gain for Sensex and eighth for Nifty.
The
In the coming week we will have similar factors steering the market
"The sessions will be dominated by factors such as crude oil and movement in rupee
Domestic data such as manufacturing and industrial numbers and inflation will also be seen," said Mustafa Nadeem, CEO, Epic Research
Here's a look at the factors that can influence market proceedings next week:Fourth quarter earnings: Indian companies will start
releasing their March numbers from this week
Infosys and TCS are two heavyweights that will release their numbers on Friday.
Lok Sabha election: The first phase of Lok Sabha election
Even though the results are to be declared on 23 May, the market cannot shrug off the effect of ongoing political discourse and
sentiment.
March retail inflation numbers: The retail inflation print for the month of March will be released next Friday
Retail inflation rose to 2.6 per cent in February after four months of continuous decline
The RBI on Thursday revised the projection on inflation downwards to 2.4 per cent in the fourth quarter of the financial year 2019
A softer inflation print will strengthen the hopes of another rate cut by the RBI.
February IIP: Another important macroeconomic print,
February Industrial Production numbers, will be released on the same day
Industrial output growth stood at 1.7 per cent in January on account of slowdown in the manufacturing sector
It may see an uptick and is likely to come to 2 per cent, economists say.
ECB rate decision: The European Central Bank (ECB) will announce
its policy outcome on Wednesday
As per Reuters poll, the central bank is going to delay any interest rate hikes further into next year as euro zone economic growth and
inflation prospects have dimmed.
Brexit: The chaos around Brexit is showing no signs of ebbing
British Prime Minister Theresa May has requested to the European Council to delay Brexit until up to 30 June
Focus now shifts to a meeting next week where EU leaders will discuss a proposal to offer Britain a flexible extension of up to a year,
Reuters reported.
Global macro: March inflation prints of China and America and trade balance data of China are among important numbers
markets across the globe will observe
Minutes of the March Fed policy meeting will also be watched for references to the new patient approach.
Technical indicators indecisive:
Nifty on Friday formed an indecisive Spinning Top candle on the daily chart
On a weekly basis, it formed a long-legged Doji
The two charts suggest traders were clueless a week before of seven phase elections kick off
The near-term oscillators are in sell mode, but they are in buy mode on a medium-term basis, said Arun Kumar, Market Strategist at Reliance
"The support for the week would be seen at 38,280/11,480 levels while the resistance would be at 39,580/11,900 levels," said Vaishali
Parekh, senior technical analyst at Prabhudas Lilladher.
