Weekly Market Update : With no major events expected in the following week, markets may be dominated by global news flows Says Mr. Apurva Sheth, Samco Securities
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Weekly Note on Market By Mr. Apurva Sheth, Head of Market Perspectives, Samco Securities.
Expectations for the week
With no major events expected in the following week, markets may be dominated by global news flows. US unemployment and domestic data such as manufacturing, deposits and loan growth numbers could drive investor sentiment next week. The volatility in oil prices and the strengthening of the US Dollar compared to other currencies will be other important factors that may affect the market. Investors must keep an eye out for stock-specific news.
Technical Outlook
The Nifty ended the week down by more than 1%. It finished the week with a hammer candle, indicating that the short-term correction is likely over. The daily RSI is also starting to recover from 40 levels, signalling that the upward trend may resume soon. In monthly expiry, call writing near the 17,000 strikes indicates that this level is likely to act as massive support. October is a bullish month for the markets based on seasonality. Out of the last 10 Octobers, 8 times markets have ended on a positive note. As a result, traders should look for buying opportunities.
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