The Indian stock market closed higher in the previous session for the day and for the week aided by positive global cues. What you saw after last week’s pullback rally Sensex And nifty News related to global macro, crude oil movement and FII inflows will continue to dominate, with the domestic equity market continuing to gain over 2.5 per cent. Domestically, monthly F&O expiry, fiscal deficit numbers, auto sales data, progress of monsoon and Covid cases will be key events to watch.
Here are five factors that will propel traders on Dalal Street this week
FII Sailing
Amid rising interest rates, FIIs have pulled out Rs 2.13 lakh crore from equities so far in 2022. This month alone the figure is close to Rs 46,000 crore. Although domestic investors are absorbing most of the outflow from foreign investors, FIIs continue to be a major player in the Indian market.
auto sales data
Auto stocks will be the focus this week as automakers start reporting their June sales figures from June 1 nifty auto The index was up 6.95 per cent on softening commodity prices.
G7 Summit 2022
“The G7 Summit 2022 is scheduled from 26 to 28 June 2022 and further escalation of geopolitical tensions regarding the Russia-Ukraine war and Sino-Vietnam relationship could lead to a sharp recovery in global equity markets. Therefore, stock market investors are advised to keep an eye on the G7 summit next week.
dollar index
“Next week, a lot of triggers will determine the trend of gold prices. The first key variable will be the volatility of the dollar index as it will determine the movement of FIIs in the Indian markets. After some relaxations last week, dollar index strengthened and further rise in dollar index could intensify sell-off by FIIs.
crude oil
Crude oil posted a second weekly decline last week amid concerns that rising interest rates could push the world economy into recession. Brent crude closed at $113.12 a barrel.
OPEC+ meeting
Any unexpectedly significant increase in oil production will help reduce oil prices and inflation. Nonetheless, OPEC and its members are sticking to their initial plan to add 432,000 barrels per day to the market, and no surprise announcement has been made by OPEC despite a triple-digit rise in oil prices.
US GDP data
This is an important trigger that market observers and investors need to be cautious about next week. If the figures are disappointing, speculations of a slowdown in the US economy will further strengthen, leading to a sharp sell-off in global markets, including Dalal Street.
Nifty Technical Outlook
Santosh Meena, Head of Research, Swastika Investmart Ltd. said: “Technically, Nifty formed a Bullish Piercing Line candlestick on the weekly chart after taking support at the 100-week SMA which indicates a pullback rally on the cards. Above On the downside, 15,700-15,900 is an immediate supply zone; above this, we can expect a rally towards 16,050/16,200 levels. On the downside, 15,500 should now act as strong support.”
“Banknifty is bouncing back from key support of 32,500 where 34,200-34,500 is an immediate resistance zone; Above this, we can expect a rally towards 35,200-35,500 area. On the downside, 33,000 should act as immediate support,” he said.
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