February 12, 2024 / 08:54 AM IST
Sensex Today | Arvinder Singh Nanda, Senior Vice President, of Master Capital Services
In the coming week market will react to the global and domestic economic data, FII/DII investment pattern, crude oil inventories, ongoing quarterly earnings seasons, movement of the rupee against the dollar, trends in the global stock market. Some major economic data that could impact the market are the UK employment rate, inflation numbers, PII input data, GDP numbers, trade balance, US inflation, crude oil, Initial jobless claims, industrial production, Retail sales, building permits, Japan’s GDP and industrial production numbers, Eurozone Employment, GDP, industrial production and trade balance data. Domestic economic numbers will also be focused on such as Inflation data, Industrial production, trade balance, forex reserves.
The equity benchmark indices were volatile in Friday’s trade before recouping sharply from lower levels to end the day in green trajectory amid lackluster cues from global peers. Both midcap and smallcap indices fell 1% each. Nifty prices settled the day at 21782.50, while Sensex ended the week at 71595.49.
In Nifty, Bears exerted downward pressure on the Nifty from the psychological level at 22000. For Nifty, the next support is at 21,650 and a breach of it can lead to a correction towards 21,400. On the upside, key hurdles are placed at 22,000-22,100.
In Bank Nifty a significant support for the index is identified at 44800, marked by substantial Put writing, sustaining below this level can lead towards 43500. While hurdles are placed at 46000-46200, sustaining above these levels can give a possible move towards 48000 marks.
