New Delhi, Sep 15 (IANS) The last week was quite good for the Indian stock market. The market recovered all the losses incurred in the previous week and closed at an all-time high. During this period, the Sensex rose by 1,707 points or 2.10 percent and the Nifty rose by 504 points or 2.03 percent.
The reason for the rise in the market was the buying done by foreign investors. Foreign institutional investors (FIIs) have been buying in all the trading sessions of the past week.
The coming week will be very important for the market, because during this time the US Fed may announce a cut in interest rates. Its effect can be seen on India as well as global markets.
Apart from this, Japan’s inflation figures and monetary policy are also big factors for the market. If the monetary policy tightens, it can have an impact on the market. The market movement can be affected by crude oil prices at the domestic level, FII investments and global turmoil.
Santosh Meena, Research Head, Swastik Investmart says that Nifty is currently trading at an all-time high. 25,500 is a resistance level. If there is a breakout from here, it can touch the figure of 26,000. At the same time, 25,000 is an important support level. As long as it is not broken, the uptrend will continue.
Other market experts say that there was selling earlier this month due to the possibility of recession in the US and the deadline of FII disclosure rules by SEBI. Apart from this, poor job data from the US also spoiled the market sentiment, but last week the market closed at an all-time high due to FII buying.
The market outlook will depend on the interest rate decision of the US Fed in its meeting next week. At the same time, the second quarter results will start coming from the beginning of next month. In such a situation, the direction of the market can also be decided by the estimates regarding the results.
–IANS
ABS/FZ
