stock market next week In the last week, Nifty consolidated in a narrow range till the day of expiry. However, after the close, sharp cuts in heavyweight Reliance Industries resulted in a fall of 15,500 levels in the index. But barring oil and gas, other sectors performed well, and hence, the index closed with minor losses at around 15,750.
to speak on Share Market Last week, Ruchit Jain, Lead Research, Wrap, 5paisa.com said, “Nifty consolidated within a narrow range for most part of the week and finally saw a sharp cut on Friday morning. Friday’s fall was mainly due to sharp cuts. The reason was. In the index heavyweights from the Oil & Gas space, which corrected on the news flow. However, Nifty managed to take support around 15500 and participation from other sectors eventually made up the losses. On the short-term chart, This week’s low of 15511 marked another higher low which is a good sign. On the other hand, participation from broader markets should also maintain a positive momentum. Also, if we look at the derivatives rollover data, it is Nifty is seen to be below average in rollover which indicates that fewer shorts have rolled over in the July series. FII positions in index futures are less heavy and any positive change in global markets may lead to some short-covering till T Can. Hem.”
Ruchi Jain of 5paisa.com said till the time Nifty 50 index trades above 15,500, one should continue trading with a positive trend and look for stock-specific buying opportunities in the coming week.
However, one needs to be cautious about key triggers that can change the direction of the markets on either side. Here we are listing down the top 5 triggers that can affect the stock market next week:
1]Q1 Result: Q1FY23 earnings will start to ease next week, and everyone will watch for any downgrades or negative comments. For those who believe in stock-specific trading during volatile markets, the upcoming Q1 earnings will be crucial for the Indian stock market.
2]Global Macroeconomic Data: “Large European nations are releasing inflation and industrial activity data. In addition, the US is releasing jobless claims (job inflation and non-farm payroll data), and the FOMC will give an economic outlook. These events will be commented on by most of the markets. Big movers,” said Sonam Srivastava, founder of Right Research – a SEBI registered investment advisory company.
3]US Fed Meeting: “The US central bank meeting for June 2022 is scheduled next week and US Fed officials are expected to provide clarity on their tough stance. Global equity markets are expected to come under pressure from any further tough stance on US Fed interest rates. Is.” Anuj Gupta, Vice President- IIFL Securities.
4]Dollar Index: “DX climbed up last week and continued to oscillate around its two-decade high which boosted the net seller sentiments of FIIs. Any further rise in Dx, which has strong resistance around 106 points, should boost selling sentiments of FIIs. However, ease in DX is expected to give a fillip to the Indian markets. Hence, one needs to be cautious about the dollar index next week,” said Anuj Gupta, IIFL Securities.
5]Rupee Vs Dollar: “The Indian Rupee is at a lifetime low. We are already at 79 for every dollar, and we may soon touch the number 80. The depreciating rupee has far-reaching implications for our trade balance, inflation numbers and growth. Has an impact and will be a significant trigger,” said Sonam Srivastava.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.