🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Market Outlook: Monsoon, Budget & US GDP data key factors to watch this week

Published 23-06-2024, 06:30 pm
© Reuters.  Market Outlook: Monsoon, Budget & US GDP data key factors to watch this week

Mumbai, June 23 (IANS) The outlook of the Indian markets will be guided by monsoon updates, any upcoming budget-related announcements, marco cues, and global factors like US GDP data this week.

Last week, Sensex and Nifty both posted minor gains of 0.20 per cent but it was the third consecutive week when benchmark indices closed with the gains.

On the Domestic front, key factors to watch will be the progress of the monsoon, FII, and DII fund flows, and crude oil prices.

On the global front, economic data like the US Q1 GDP data and the US core PCE price index will be released on June 27 and 28 respectively. The movement of the dollar index and US bond yields will be crucial.

Pravesh Gour, Senior Technical Analyst at Swastika Investmart (BO:SWAF) said that this week, sector-specific movements are anticipated amid budget-related buzz.

“Key factors to watch include the progress of the monsoon, which will be closely monitored for its near-term impact on investor confidence,” he said.

Arvinder Singh Nanda, Senior Vice President, of Master Capital Services said that in the Nifty index, consolidation persisted for last week, culminating in a weekly close with a minor gain of 35.50 points.

“Daily chart analysis indicates that Nifty has been consolidating within a broad range of 23,400 to 23,700, and this trend is likely to continue,” he said.

Pravesh Gour added that on the derivatives front, the long exposure of FIIs in index futures stands at 57 per cent, whereas the put-call ratio is sitting at the 1.04 mark, both of which point to a bullish tilt in the market.



Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.