Axis Bank, Bajaj Auto Q3 earnings among 10 factors to drive D-Street in holiday-shortened week
«Nifty concluded the week at 21,571.80, marking a decline of 323 points from 21,894 levels, on a weekly basis. Pharma, realty, and metal sectors faced selling pressure. Despite persistent attempts to breach crucial resistance, each of them resulted in a sell-off,” Om Mehra, Technical Analyst, at SAMCO Securities said.
The market exhibited a consolidative trend within the 21,500-21,750 range, indicative of a sideways movement going ahead, Mehra said, adding that weekly support stands firm at 21,400 levels while the upper Bollinger band poses resistance at 21,850.
Factors that are likely to impact movement when markets reopen this week:
- US Markets
US markets ended up on Friday, though the gains were minor. While Dow 30 closed at 37,863.80, up by 395.19 points or 1.05% the S&P 500 surged by 58.87 points or 1.23% to finish at 4,839.81. Meanwhile, Nasdaq Composite settled at 15,311, higher by 255.32 points or 1.70%.
When Indian markets reopen on Tuesday, they will take cues from the Monday closing of the US markets. They will also track movement in GIFT Nifty futures on Tuesday. The latter is an early indicator of movement in the Nifty50.
2) Rupee Vs Dollar
The Indian rupee closed stronger on Friday, supported by dollar sales from foreign banks, but snapped a two-week winning streak as a moderation in US rate cut expectations and equity-related outflows weighed on the local unit earlier in the week, Reuters reported.
The rupee closed at 83.0650 against the US dollar, up 0.07% from its previous closing of 83.1225. The local currency recorded a weekly decline of 0.17%.
»The rupee is expected to trade range bound next week as inflows will get absorbed by dollar buying from RBI who cannot allow too much rupee strength
