The recent week saw volatility in the India equity indices. Indexes saw purchasing at the beginning of the week, but during the final trading session, there was profit booking.
Sensex and Nifty, however, showed modest weekly advances. Additionally, the benchmark indices have plummeted for seven straight weeks.
On Tuesday, July 23, 2024, Finance Minister Nirmala Sitharaman will deliver the Union Budget for 2024–2025 to the Lok Sabha. The market direction will be influenced by a number of factors, such as Q1 FY25 earnings reports, domestic and international economic statistics, and more general global market movements. With a tight eye on crude oil prices and FII and DII activity, market sentiment will be actively observed.
Globally speaking, on July 25 and 26, respectively, market participants will be closely watching US economy data such as US durable goods data and US core PCE pricing data.
The previous week saw Sensex conclude at 80,604 up 85 points, or 0.10 percent, and Nifty close at 24,530, up 28 points, or 0.11 percent.
This week, Domestic Institutional Investors (DII) sold stocks worth Rs 4226 crore, while Foreign Institutional Investors (FIIs) continued their buying spree, purchasing stocks worth Rs 10,946 crore.
The Nifty index achieved an all-time high of 24854.80, but then formed a shooting star candle on the weekly charts, indicating a possible reversal from the recent rising trend, according to Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd.
The levels of immediate support are 24,150, followed by 23,750. A breach of these levels can indicate the continuation of the bearish trend and possible drops. The resistance zone on the upswing is located between 24,850 and 24,900, according to him.
According to Vinod Nair, Head of Research at Geojit Financial Services, investors are expecting fiscally prudent policies that are pro-industry and populist.
“More market stability will result if the budget fulfills expectations,” he stated.
