The week ahead in the Indian Stock Market-After gaining six consecutive weeks both Sensex and Nifty share price push a brake on last week. The sharp weakness in rupee, high crude price, and geopolitical conditions were the main reason to pull down the benchmark indices from the top. Last week Sensex lost 0.66 percent and closed to 38,389.82 and Nifty corrected 0.78 percent to 11589.10 at the close. Last week not only Indian indices but the corrections were also witnessed across the globe.
September month started on a weak note, though big fall is not expected in the Indian market as fundamentals are improving and a lot of export-oriented companies also benefited from rupee fall. But uncertainty will remain to continue in the market for time being till the above mentions factors are stabilized. Traders are advised to be extra cautious while selecting stock and taking extra leverage for trading in the stock market.
Indian Stock market events for next week:
The key factor which can influence the Indian stock market in next week are:
- Rupee- The first key factor which can influence the Indian market is rupee, it has already touched a historic low of 72.10 against the dollar. Further fall can drag the market into a new low. So an investor should closely monitor the rupee movements.
- Crude Price- This is another key factor any big correction in crude can give Indian market a big move, this is because of India import 80 percent crude from outside.
- Trade War- Any positive news of US and China trade war can start a bull run and similarly negative news during the week can drag down the market.
- Macro Data- One should follow the July Industrial Production (IP) data and August Consumer Price Index (CPI )Inflation data which is due on coming Wednesday. And as Thursday is Market Closed due to Ganesh Chaturthi, Wholesale Price Index WPI data to be released on Friday.
Nifty and Bank Nifty future share price target
Nifty Weekly Outlook
Primary Trend of Nifty Future: Long OHLC-(11755.15/11775.05/11437/11632.95)
Range Bound Trend: All up moves initiates profit booking (Sale) @ 11730 whereas all down moves initiate short covering (Buy) @ 11530
If Nifty future share price moves above 11674 then you should Buy with 1st Target of 11803 during the day or any point during the week by Trailing the Stop Loss from 11529-11609-11658-11738-11818-11867 FOR the Target of 11867-11932-12012
If Nifty future share price moves below 11594 then you should Sell with 1st Target of 11530 during the day or any point during the week by Trailing the Stop Loss from 11738-11659-11610-11530-11450-11400 FOR the Target of 11400-11335-11256
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| Week Ahead in the Stock Market |
Bank Nifty Weekly Outlook
Primary Trend of Bank Nifty Future : Moderate Corrective OHLC-(28285.15 /28299.95 / 27307.30 / 27593.05)
Range Bound Trend: All up moves initiates profit booking (Sale) @ 27877, whereas all down moves initiate short covering (Buy) @ 27263
If Bank Nifty future share price moves above 27688 then you should Buy with 1st Target of 28066 during the day or any point during the week by Trailing the Stop Loss from 27263-27497-27642-27876-28110-28255 FOR the Target of 28225-28445-28680
If Bank Nifty future share price moves below 27452 then you should Sell with 1st Target of 27073 during the day or any point during the week by Trailing the Stop Loss from 27878-27643-27498-27264-27030-26885 FOR the Target of 26884-26694-26460
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Finogyan Team
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