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What to expect next week from Market: Fed Policy meet, Crude prices, Nifty support at 16,800

The financial crisis involving three U.S.-based institutions was the main reason why global stock markets were slow and under pressure the week before. But, after taking a respite on Friday, the Sensex and Nifty closed in the green. The Sensex gained 355 points to 57,989, while the Nifty 50 gained 114 points to 17,100.

Investors will be watching the conclusion of the Federal Reserve’s Monetary Policy Meeting, which is set for March 21–22. The Fed’s decision, and more significantly, the commentary, will be crucial.

The drop in crude prices last week resulted in some favorable swings across the board; nevertheless, levels in the next week will be monitored by investors in India, according to market analysts.

For the Nifty, 16,800 serves as a strong support, while 17250 serves as a strong resistance. “Since prices are lingering towards the oversold zone, urgent short covering for the next couple of days cannot be ruled out. ” Support for the Nifty is located around 16,850 to 16,800 levels, while resistance is located around its 9-period EMA at 17,300 levels,” said Rohan Patil of SAMCO Securities.

Even though the market as a whole is still weak, market watchers do not rule out a short-term drop in the near future.”Moving ahead, we predict a short-term drop in the market as lower U.S. PPI inflation and slower US retail sales data have led to the anticipation of a lower 25 bps rate rise in the Fed’s decision meeting next week. Nonetheless, the market structure remains fragile, and traders should exercise caution at higher levels,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

Stocks in Focus

In the next week, there will be a lot of stock-specific movement. The share price of Reliance remained in focus on Friday when JPMorgan maintained its ‘Overweight’ rating on the company, predicting a 32% increase from current levels. On Friday, Reliance Industries’ stock ended at Rs 2.223.

Adani Group stocks maintained their steady gains on Friday, with 8 of the 9 Adani Group equities finishing higher. The group firms’ market valuation has risen to well above Rs 17,000 crore.

In the prior week, 36 of the 50 Nifty stocks fell, with IndusInd Bank, TCS, and Eicher Motors among the top Nifty losers.

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