Mumbai, Nov 24 2024-
Escalating tensions between Russia and Ukraine, rising crude oil prices, foreign institutional investors (FIIs) and Q2 GDP will be the major factors for the stock market next week, according to experts.
In the last week, the Indian equity markets ended their two-week losing streak on a high note, navigating a volatile week marked by geopolitical tensions, but a strong recovery by the bulls on Friday, supported by exit poll predictions of an NDA alliance victory in the Maharashtra elections, helped stabilise sentiment.
Nifty closed 2.39 per cent higher at 23,907.25 and Sensex closed 2.54 per cent higher at 79,117. Due to this rise, Nifty and Sensex rallied by 1.45 per cent and 1.78 per cent, respectively on a weekly basis.
This rally saw participation from all sectors except energy. Realty, auto and fast-moving consumer goods (FMCG) contributed the most.
Palka Arora Chopra, Director of Master Capital Services said, “Market sentiment was also lifted by the results of the Maharashtra and Jharkhand elections which hold crucial implications for both states and national politics. The stability in Maharashtra could trigger a rally in the stock market, boosting investor confidence due to the continuity of pro-business policies, especially after uncertainty following previous coalition shifts.”
Santosh Meena, Head of Research, Swastika Investmart said, “Bank Nifty remains above the 200-day moving average. 51,300 to 52,000 are important resistance levels. If it breaks then 52,600 to 53,300 will be a higher resistance level.”
Chopra further said, “During the week, Nifty closed in the green above 23,900. 24,100 is going to be a key resistance level for the National Stock Exchange (NSE) benchmark. If the index goes above this level then it can go up to 24,500. 23,700 is an important support level. If it breaks, then it can go up to 23,400.” (Agency)
