Mumbai, December 29 (IANS). Next week is going to be very important for the Indian stock market. In the first week of the new year 2025, PMI, auto sales and bank loan growth and global economic data will determine the market movement.
Last week was profitable for the stock market. The main indices of the market closed with gains. During this period, Sensex closed at 78,699 with a rise of 657 points or 0.84 percent and Nifty closed at 23,813 with a rise of 225 points or 0.96 percent.
Pharma and healthcare were the biggest rising indices last week. The reason for the rise in the main indices was the rise in banking shares.
There has been a sale of Rs 6,322 crore by foreign institutional investors (FIIs) in the stock market in the trading session from December 23 to December 27 (excluding the Christmas holiday of December 25). At the same time, domestic institutional investors (DIIs) have invested Rs 10,927 crore.
Santosh Meena, Head of Research, Swastika Investmart, said that last week was very weak on the currency front. During this period, a significant decline was seen in the rupee. Current account deficit figures will be released on December 31. This will have a direct impact on the market. At the same time, investors will also have an eye on auto sales and any good news can boost the market sentiment.
He further said that Nifty is currently hovering around its 200-day moving average and it is necessary for it to remain at these levels for further strength. 24,200 will be a resistance level. At the same time, 23,650 to 23,550 will act as a strong support. If it breaks then further decline may be seen.
Master Trust Group Director Puneet Singhania said that Bank Nifty has formed an inside candle on the weekly chart and it is continuously facing a resistance at 51,800. If it closes above this then it can go up to 52,500. If it goes below 50,900 then selling may be seen and it may touch the level of 50,200.
–IANS
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