Nifty closed the extended 6 days trading week with a gain of
about 2%. This increase was driven by easing inflation in India and
better-than-expected inflation data from the US Fed, which boosted investors'
confidence.
The global market outlook stayed positive, with major U.S.
indices like Nasdaq, S&P 500, and Dow hitting record highs. This week will
be shorter due to a market holiday on Monday for Lok Sabha election voting in
Mumbai.
Here are some key factors that would
decide whether Nifty will hit the all time high again.
1.Last
phase of quarter 4 results :
All eyes will be on the last phase of companies results
scheduled to be released. Some large companies like ONGC, Ashoke Leyland, ITC,
Divi's Lab, Hindalco, Nyaka, Sun Pharma etc.will publish their Q4 results this
week.
2.Global Macros :
Investors and traders will keep close eyes on Jerome Powel's
speech on Monday.
3.Speculations about Loksabha election result scheduled on 4th June, 2024 :
Last leg of election and possible outcome of the election results
will intensify the market volatility next week.
Technical view :
As per technical chart of Nifty on daily basis Nifty closed at 22502,an
important level which will decide whether Nifty can continue it's
upward trend to all time high. If Nifty can trade above this level
decisively we may see a a good upward rally. But if any selling pressure
resumes at this level it can go down to 22300 level. On 13th May ,2024 Nifty
made a triple bottom pattern touching the previous bottom level made on 19th
April,2024.Now the support is at 22400 level and on the upper end, a sustained
move by buyers will take it to 22600 and plus in the coming days.
Disclaimer: The
information provided on MoneyWiseMind is for educational and informational
purposes only. It is not intended to be financial advice, and you should not
rely on it as such. Before making any financial decisions, you should consult a
licensed financial advisor.
