Mumbai, Nov 9 (NationPress) The domestic stock market is anticipated to navigate through a sideways to consolidating phase as equity indices exhibit mild selling pressure at elevated levels on the weekly chart.

The upcoming week is poised to be pivotal, with various crucial macroeconomic data releases. Domestically, attention will be directed towards India’s CPI and WPI inflation statistics, which are likely to provide insights into the inflationary trends and the future trajectory of policy decisions.

During this week, the Nifty index concluded at 25,492.30, reflecting a 0.89 percent decrease from the previous week’s closing figure. This downturn stemmed from persistent selling by foreign institutional investors (FIIs), despite signals indicating a strengthening domestic economic backdrop.

Reducing expectations regarding a Fed rate cut further contributed to a cautious investor atmosphere, coupled with sectoral weaknesses in IT and metals that exacerbated the decline.

Analysts pointed out that a bearish-bodied candle with a lower wick and a small upper wick emerged this week, suggesting selling pressure at elevated levels.

According to analysts, "The price action showcases a sideways to consolidation phase, given that the Nifty index could not retain its higher levels and finished the week below the 25,500 threshold."

This configuration hints at the potential for ongoing consolidation or lateral movement in the near future, according to Hardik Matalia of Choice Broking.

The India VIX increased by 3.33 percent throughout the week, closing at 12.5575, indicating a slight rise in market volatility.

In the derivatives segment, the maximum Call open interest (OI) is concentrated at the 25,600–25,700 strike levels, denoting robust resistance at higher zones. Conversely, the maximum Put OI is observed at the 25,400–25,300 strike levels, emphasizing crucial support areas, the analyst stated.

Moreover, the Bank Nifty index concluded the week at 57,876.80, showing a 0.17 percent increase from the prior week’s close.

On the weekly chart, the index displays signs of indecision, illustrating a struggle between buyers and sellers.

"The index concluded the week above the 57,800 mark, indicating stability, yet a clear direction remains elusive. Overall, the context suggests a sideways to consolidation phase until a definitive breakout materializes on either side," the analyst emphasized.