Weekly market outlook : The market soared to new heights this week, decisively breaching the key resistance level Says Vinod Nair, Geojit Financial Services.

02-12-2023 10:16 AM | Source: Geojit Financial Services

Weekly market outlook : The market soared to new heights this week, decisively breaching the key resistance level Says Vinod Nair, Geojit Financial Services.

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Below the weekly market outlook from Vinod Nair, Head of Research at Geojit Financial Services.

"The market soared to new heights this week, decisively breaching the key resistance level and closing strongly above 20,000 levels. Global markets witnessed a bullish trend, buoyed by expectations that the ECB has concluded its rate-hiking cycle amid a backdrop of easing inflation. The Indian economy received a substantial boost from strong Q2FY24 GDP figures and a notable surge in manufacturing activity, significantly enhancing the growth outlook. The IPO market maintained its vibrancy, highlighted by Tata Technology's monumental listing, fostering increased investor confidence in riskier assets.

The broader market outperformed, with mid and small caps displaying resilience and no signs of fatigue. Investors remain optimistic about government spending and heightened consumption, driven by easing inflation, propelling growth in H2FY24. Oil prices continued to move on the downside despite the OPEC+ supply cut. The eagerly awaited exit polls also contributed positively, boosting investor sentiments towards the current union government.

In the upcoming week, investors’ attention will mostly be directed towards the release of service PMI data from the U.S., India, and China. RBI policy meeting next week; anticipate the status quo; however, the growth outlook might be positively tweaked. The gradual return of FIIs in November signals positive momentum to continue."

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Weekly market outlook : The market soared to new heights this week, decisively breaching the key resistance level Says Vinod Nair, Geojit Financial Services.

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