Bond yields, FII action among 9 factors to impact D-Street movement this week
Nifty ended with weekly gains of 0.75% with leadership taken by banks, auto and metals. When markets resume trading on Monday, a host of important domestic and global events lined up during the holiday-shortened week are likely to impact them.
Commenting on the day's trade, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty struggled to withstand the selling pressure at higher levels after beginning the day on a positive note and ultimately closing at the day's lowest point. According to him, the overall sentiments remain positive and the index must surpass the 22,400 mark to trigger a new leg of rally. «A decisive breakthrough above 22,400 could propel the index towards 22,600. On the downside, support is situated at 22,250-22,200,» De said.
Factors that are likely to impact movement when markets reopen this week:
- US Markets
Handover from the US markets was strong with major headline indices on the Wall Street ending higher on Friday. While Dow 30 ended at 38,996.40, down by 47.37 or 0.12%, S&P 500 settled at 5,096.27, higher by 26.51 points or 0.52%. Meanwhile, Nasdaq Composite gained by over 144.18 points or 0.90% to end at 16,091.90 on Friday.
When Indian markets reopen on Monday, they will take cues from the Friday closing of the US markets. They will also track movement in GIFT Nifty futures on Monday. The latter is an early indicator of movement in the Nifty50.
- Rupee Vs Dollar
The Indian rupee ended little changed on Friday after rising to its highest level in a week as dollar demand
