Market Forecast: Key Economic Indicators and Auto Sales to Impact Next Week
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Mumbai, Dec 29 (NationPress) The upcoming market forecast will be shaped by crucial domestic and international economic statistics, including India's Current Account Q3, Bank Loan Growth, HSBC Manufacturing PMI for December, Infrastructure Output, US Federal Reserve Balance Sheet, Initial Jobless Claims in the US, and the ISM Manufacturing PMI.
Last week, the benchmark indices in the market concluded with positive results. The Sensex ended at 78,699, reflecting a rise of 657 points or 0.84 percent, while the Nifty concluded at 23,813 with an increase of 225 points or 0.96 percent.
Health and pharmaceutical sectors emerged as the leading gainers in the previous week, contributing to the rise in benchmark indices due to the uptick in banking stocks.
From December 23 to December 27 (excluding the Christmas holiday on December 25), foreign institutional investors (FIIs) divested Rs 6,322 crore from the stock market, whereas domestic institutional investors (DIIs) injected Rs 10,927 crore into the cash market.
Santosh Meena, Head of Research at Swastika Investmart, stated, "On the currency front, the rupee experienced notable weakness last week, attracting attention to forthcoming developments. The current account deficit figures, set to be released on December 31, may sway rupee movements."
"The monthly auto sales data will also be under scrutiny. The auto industry has recently been shrouded in pessimism, and any unexpected positive news could uplift market sentiment," he added.
Puneet Singhania, Director at Master Trust Group, remarked, "The Nifty has consistently found support near the 23,650 level on the daily chart and concluded the week with an inside candle on the weekly chart, following significant selling in the preceding week. This support is further validated by an ascending trendline on the weekly chart."
Singhania further stated, "A drop below this support could escalate selling pressure, possibly driving the index towards the 23,200 level. Conversely, maintaining above 23,950 could initiate fresh buying towards 24,200."
