Stock market This week: Due to weak global cues and continued selling by Foreign Institution Investors (FII), the stock market declined by more than three per cent during the week ended January 21 and the nearly four-week long rally came to a halt. Went. Last week, the BSE Sensex fell 2,185.85 points (3.57 per cent) to 59,037.18, while the Nifty50 fell 638.55 points (3.49) to end at 17,617.2. The market will remain closed on 26 January due to Republic Day next week.
Vinod Nair, Head (Research), Geojit Financial Services, said, “In the coming week, as investors wait for the Budget, the domestic market is expected to remain volatile. “Recently published corporate results have failed to energize the market, so the results coming next week will be crucial to determine the confidence of investors,” he said.
These 10 factors can be important to decide the movement of the market next week:
Corporate Earnings
The results of Axis Bank, Larsen & Toubro, Marico, Cipla, Federal Bank, Maruti Suzuki India, Dr. Reddy’s Lab, Kotak Mahindra Bank, Punjab National Bank and BHEL are going to be declared next week. Apart from this, companies like Canara Bank, LIC Housing Finance, RBL Bank, Wockhardt, Bharat Electronics, Central Bank, DB Corp are also in the queue.
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corona virus
Coronavirus: The increase in the cases of COVID-19 remains a big concern. However, with increased vaccination and fewer hospitalizations, the risk of the Omicron variant has decreased. India recorded 3.37 lakh new cases in the 24 hours till 9 am on January 22, a decrease of 9,550 from a day earlier.
FII sell-off
FII Selling: FIIs remained sellers for the second consecutive week ending January 21. They sold shares worth Rs 12,643 crore, while domestic investors bought shares worth Rs 508.04 crore during the last week. So far this month, FIIs have sold Rs 15,563.72 crore and domestic investors have bought shares worth Rs 7,430.35 crore.
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IPO: Adani Wilmar is going to launch its IPO on 27th January. The issue will close on January 31. The company has fixed a price band of Rs 218-230 per share for its public issue with a valuation of Rs 26,287.82 crore.
US Federal Reserve meeting
Investors will be keeping an eye on the US Federal Reserve meeting on January 26 as they seek clarity on the hike in interest rates after US Treasury yields hit a two-year high. The US Federal Reserve is projected to raise rates three times in 2022.
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crude oil
Crude oil: Sentiments have been jolted by the steep rise in crude oil prices last week. Oil prices rose to their highest level in more than seven years last week on prospects of a supply disruption in the UAE due to an attack by Yemen’s Houthi group. This kept pressure on the Indian market.
technical view
Nifty has formed a bearish candle on the weekly scale and the entire gains of the previous week have disappeared. Experts said, it remains below 17,700, in which case weakness can be seen at 17,500 and 17,350. On the other hand, hurdles remain at 17,777 and 17,950 levels.
Gaurav Ratnaparkhi, Head (Technical Research), Sharekhan by BNP Paribas said, “Nifty is on the extreme side of short term correction and may try to bounce back. On the upside, there is an immediate resistance at 17,700-17,800.”
If it moves above this level, it may test the 18,000 level on the upside, he said. There is immediate support at 17,600-17,500.
F&O expiry
The market may remain volatile before the monthly futures and options expiry on January 27. Option data shows that a large trading range remains between the 17300 and 18200 zones, while an immediate trading range is between the 17450 and 17850 zones.
corporate action
Major Corporate Events to be held in the coming week:
Global Data Points
Keep an eye on these global data points for the week:
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