The stock market outlook for the upcoming week will be influenced by a mix of domestic and global factors. Key events include the Union Budget presentation, inflation data, crucial earnings reports, and significant global developments like the US Fed speech and economic data from the US.
Upcoming Market Drivers Budget-Inflation Data and key earnings insights
Last week, Indian stock markets ended on a positive note, with the Sensex and Nifty each gaining 1%, and the midcap index rising by over 2%. This marked the fifth consecutive week of gains for the market.
Looking ahead, several factors will shape market movements. Domestically, the Union Budget presentation on July 23 is a major event. The first quarter earnings season also kicks off this week, with major companies such as Tata Consultancy Services (TCS) and HCL Tech set to announce their results on July 11 and 12, respectively. Additionally, June’s Consumer Price Index (CPI) data, business announcements, foreign capital flows, and crude oil prices will play crucial roles in determining market trends.
Technical Analyst, Upcoming Market Drivers Budget-Inflation Data
Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, emphasized the significance of the Union Budget, stating, “India’s Union Budget in July is a key event, with hopes pinned on growth-oriented policies. The development of the monsoon season will also be a significant point of interest for investors and traders.”
On the international front, market participants will closely monitor several key events. These include the US Fed speech, UK GDP data, US Core CPI Inflation, Initial Jobless Claims, and US Producer Price Index (PPI) data.
Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd, highlighted technical levels for the Nifty, saying, “The Nifty currently has significant support around the 24,100 level. A breach of this support could lead to a further decline towards 23,800 levels. Conversely, a close above 24,450 may push the Nifty towards 24,600 levels. Consolidation is expected, with resistance at 24,400-24,500 and immediate support at 24,200.” (Upcoming Market Drivers Budget-Inflation Data and key earnings insights)
Key Events to Watch:
- Domestic Events:
- Union Budget Presentation (July 23)
- First Quarter Earnings Reports (e.g., TCS, HCL Tech)
- June CPI Data
- Business Announcements
- Foreign Capital Inflows
- Crude Oil Prices
- Global Events:
- US Fed Speech
- UK GDP Data
- US Core CPI Inflation
- US Initial Jobless Claims
- US PPI Data
Keep an eye on these events as they are likely to drive market sentiment and influence stock market movements in the coming week. ”Upcoming Market Drivers Budget-Inflation Data and key earnings insights”
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