Indian Market Outlook for the week – 24 to 28 07.2017
Indian Market Outlook for the week – 24 to 28 07.2017
( www.rupeedesk.in )
Domestic benchmark indices are seen volatile next week due to uncertainty ahead of the expiry of
July derivatives series on Thursday and as five index heavyweights are scheduled to report their
Apr-Jun earnings. The Nifty 50 index is expected to find support at 9800 points next week, while on the higher side it may find gains capped at 9950 points. Today, the 51-stock Nifty 50 index ended up 41.95 points, or 0.4% at 9915.25 points. The direction of the broader market will hinge on the Apr-Jun earnings of index heavyweights like ICICI Bank, HDFC Bank, and Larsen & Toubro. Global equity markets are expected to remain subdued because the ongoing political uncertainty in the US is expected to weigh on sentiment as investors keep their expectations of the passage of tax reforms in the US in check. The US Federal Reserve's two-day monetary policy meting, which starts on Tuesday followed by a statement on Wednesday, will also be keenly watched by traders and investors to ascertain if the central bank will raise interest rates for the third time in 2017 following the recent strong economic data out of the US. We maintain view that with support at 9840 points followed by 9790 points, the potential for Nifty 50 to go above 10035 points remains intact. Reliance Industries is expected to extend its gains into next week. India expects the company's telecom arm to continue gaining market share from smaller telecom operators. Stock of BEML will be in focus following report that the government may have approved a 26% stake divestment in the company.
Source : Cogencis Information Services Ltd.
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Indian Market Outlook for the week – 24 to 28 07.2017
( www.rupeedesk.in )
Domestic benchmark indices are seen volatile next week due to uncertainty ahead of the expiry of
July derivatives series on Thursday and as five index heavyweights are scheduled to report their
Apr-Jun earnings. The Nifty 50 index is expected to find support at 9800 points next week, while on the higher side it may find gains capped at 9950 points. Today, the 51-stock Nifty 50 index ended up 41.95 points, or 0.4% at 9915.25 points. The direction of the broader market will hinge on the Apr-Jun earnings of index heavyweights like ICICI Bank, HDFC Bank, and Larsen & Toubro. Global equity markets are expected to remain subdued because the ongoing political uncertainty in the US is expected to weigh on sentiment as investors keep their expectations of the passage of tax reforms in the US in check. The US Federal Reserve's two-day monetary policy meting, which starts on Tuesday followed by a statement on Wednesday, will also be keenly watched by traders and investors to ascertain if the central bank will raise interest rates for the third time in 2017 following the recent strong economic data out of the US. We maintain view that with support at 9840 points followed by 9790 points, the potential for Nifty 50 to go above 10035 points remains intact. Reliance Industries is expected to extend its gains into next week. India expects the company's telecom arm to continue gaining market share from smaller telecom operators. Stock of BEML will be in focus following report that the government may have approved a 26% stake divestment in the company.
Source : Cogencis Information Services Ltd.
