NEW DELHI: With fresh covid-19 cases falling and states beginning to lift lockdown curbs, India’s
equity markets is expected to remain in the green territory in the coming sessions.
During the recently concluded week, the NSE Nifty rose 234.60 points or 1.51 per cent to 15,670.25. The BSE Sensex gained 677.17 points or 1.31 per cent in the week to 52,100.05.
In the absence of any major domestic trigger, market participants will closely watch earnings of Bata India, GAIL, SAIL, BHEL and DLF and keep a tab on monsoon updates as IMD and Skymet have predicted a normal monsoon this year. The pace of vaccination will also be followed, say experts.
Industrial production data is also scheduled to be announced on Friday post market hours, hence its impact on the market will be felt in the new week.
“Expectation of normal monsoon , accommodative stance by RBI, decline in fresh Covid cases in India, gradual easing of lockdown restriction and positive global cues would likely lend support to the market in near term,” said Shrikant Chouhan, executive vice-president, equity technical research, Kotak Securities.
He added that the basic trend of the market is bullish but in the absence of domestic flows, domestic markets would start following the global cues, which are mixed and sensitive to the pace of inflation.
Gaurav Garg, head of research, CapitalVia Global said that benchmark index had gone past its major resistance of 15,500 and created a fresh high at 15,733.
“The domestic sentiments are positive especially with the number of cases coming down and the government pushing the vaccination drive, impacting markets positively. Looking at the other factors, if Nifty is able to continue above the 15500 levels, we may see it touching 16,000 in the next couple of weeks. Overall, Nifty may trade at 15,500-15,750 in the coming week,” he added.