Week Ahead: Macro data, F&O expiry, global cues among key market triggers as Nifty eyes 24,000 this week

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Also Read: GST Council Meeting: FM-led panel approves biometric authentication, 12% rate on milk cans; 10 key highlightsOn the weekly front, the BSE benchmark climbed 217.13 points or 0.28 per cent, while the Nifty went up by 35.5 points or 0.15 per cent. The Nifty Bank index, in particular, stood out with its largest weekly gain of 2024, surging by more than three per cent.

This impressive performance also signifies the Nifty Bank's longest winning streak in 19 months, as it recorded gains for the sixth straight week.The bright spot was IT stocks, which gained 0.76 per cent after the US peer Accenture gave an upbeat annual revenue growth forecast, signalling demand in the key US market. Indian private banks gained 4.17 per cent this week, the most among Nifty sectors.The market is expected to trade sideways next week due to the absence of strong buying or selling triggers.

While the underlying sentiment remains bullish, dips might attract opportunistic buying, which could support the market. However, strong rallies may be capped by profit booking.'' said Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd.Also Read: RBI MPC Minutes: Food inflation ‘persistently high’, price stability bedrock for high growth; 5 key highlightsSector-specific movements are anticipated amid budget-related buzz, according to most analysts.

The key factors to watch include the progress of the monsoon, which will be closely monitored for its near-term impact to gauge the overall sentiment and investor confidence. The GST meeting may result in rate adjustments in certain sectors, potentially influencing market direction.