Stock Market Outlook This Week: The past week proved to be mixed for the domestic stock markets and the market cap of 5 companies out of the top 10 Sensex has increased by more than Rs 80 thousand crore. The remaining 5 companies in the top 10 have suffered losses. However, experts have given their opinion on how the business week starting from Monday is going to turn out. It is worth noting that this week’s business week is going to be short because the domestic stock markets will remain closed on Tuesday due to the festival of Holi. On this day trading will remain closed in commodity market along with derivatives and currency market.
How will be the condition and direction of the stock market
The direction of the stock markets will be decided this week by the global trend and the trend of foreign funds. Due to Holi holiday, the business days of the week have reduced. Analysts have expressed this opinion.
Holi holiday is on March 7 – there is a demand to do it on March 8
BSE and National Stock Exchange have declared holiday on March 7 (Tuesday) on the occasion of Holi. However, ANMI, an organization of stock brokers, has requested the government, stock exchanges and SEBI to give Holi holiday on March 8 instead of March 7.
Pravesh Gaur, Senior Technical Analyst, Swastika Investmart Ltd. said, “Indian markets will remain volatile amid fears of a continuing interest rate hike by the US central bank, the Federal Reserve, to control high inflation. There are pure buyers at the level, they will also be monitored.
He told that globally the macroeconomic data of America is to be released on March 10, the Bank of Japan is also going to decide on the interest rates. At the same time, the data of India’s industrial production at the domestic level will also be released on March 10. Market investors will also keep an eye on the movement of the rupee against the US dollar and Brent crude oil.
What do market experts say?
Ajit Mishra, vice-president, technical research, Religare Broking Ltd. said, “Holi festival has reduced trading days this week. We expect volatility to remain high amid mixed signals. Participants await industrial production data.” Which will be released on March 10. Apart from this, he will also keep an eye on the performance of global indices, especially the American markets.
Last week, the BSE Sensex had gained 345.04 points or 0.58 per cent. Despite the high volatility, the markets closed with gains on Friday. The 30-share Sensex closed at 59,808.97 on Friday, up 899.62 points or 1.53 per cent.
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