IGI Logo

Below is weekly note on Market By Ms. Apurva Sheth, Head of Equity Research, Samco Securities 

Expectations of the week -

The coming week is going to test the market in a number of ways as a multitude of important events are lined up. The USA’s much-anticipated inflation numbers, Producer Price Index (PPI), and the jobless claims data will keep the global markets on their toes. The inflationary problem is not just restricted to the west thus the Indian inflation numbers that are set to release will keep the markets back home busy. The Retail inflation eased to 7.04% in May vs. 7.79% in April, whether the declining trend continues or not is something that is keenly awaited. Aside from macro data, quarterly results will influence market sentiment. The management commentary on future earnings growth trajectory will be of interest to D- street. With a slew of important events coming up, investors are advised to be careful and cautious in their investment decisions. Nifty 50 closed the week at 16,220.6, up by 2.97%.

Market Technical Outlook -

The Nifty index closed the week on a positive note, close to the day’s high. In the short term, it may face stiff resistance around 16,200 levels. If it maintains above that level, the next obstacle could be around 16,500 levels. On the downside, 16,000 will serve as a strong support level.

Above views are of the author and not of the website kindly read disclaimer