Will Nifty break out of 24,000-24,500 range this week? Top 5 factors to track
Donald Trump’s victory in the US elections fizzled out soon as Nifty ended the week 0.2% down and outperformed most global markets amid concerns around slowing macro and weak Q2 earnings.
IT stocks rallied post-US election results, lifting the Nifty IT index by 4%. Conversely, the high-beta Nifty Realty Index fell by 4%.
«Consolidation continued in the market as investors stayed cautious due to disappointment in earnings and the flight of FIIs. The US Fed continued its rate-cutting cycle to stimulate the economy and is expecting a similar 25-bps rate cut in December policy meet amid moderation in inflation. While inflation in India is estimated to increase in October and the strengthening USD would reinforce RBI to hold the rate in the near-term,» said Geojit's Vinod Nair.
With major global events and Q2 earnings behind us, the market focus now shifts to key macroeconomic data and the last round of Q2 earnings, analysts said.
Here are the key factors that will decide Nifty’s trajectory this week:
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