According to market analysts, the increase in stock Exchange may continue over the next week after the US market showed solid performance.
Next week we will see the dominance of corporate earnings releases and the highly anticipated Federal Open Market Committee (FOMC) meeting, which is scheduled for April 30 to May 1.
Despite the looming challenges expected in May, experts highlighted that overall Asian markets are confident of maintaining bullish sentiment as April draws to a close.
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“We expect positive markets this week, driven by continued corporate earnings catalysts, and in India, we expect sideways to slightly positive markets this week. Strong earnings and guidance from US Big Tech boosted the market last week,” said Ajay Bagga, Market and Banking. expert.
“Nifty continues in a medium-term uptrend. During the week, we expect Nifty to trade in the range of 22900-22000 with a mixed bias,” said Rajesh Palviya, Senior Vice President, Research (Head of Technical & Derivatives), Axis Securities. Ltd.
If Nifty crosses and sustains above the 22600 level, it would witness buying that would take the index towards 22800-22900 levels, said Rajesh Palviya, senior vice president of research at Axis Securities Ltd.
The Federal Reserve’s planned rate cuts in 2024 are expected to lower real yields, making gold and silver more attractive as non-yielding assets, and continued global uncertainties, spanning geopolitical tensions and economic instabilities, reinforce the attractiveness of gold and silver as unprofitable assets. safe haven assets and can pose a risk in the market.
In the past week, benchmark indices continued positive momentum with the Nifty ending up 1.23 per cent, while the Sensex rose 642 points.
Among sectors, all major sectoral indices showed buying interest, but the PSU Bank index performed better and gained 6.5 per cent. During the week, the market rallied strongly, but gains were recorded at higher levels last Friday.
(With ANI inputs)