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Economic data, COVID-related news and results to drive market this truncated week

If the market breaks the level of 14,900 and sustains above the level, a new bullish rally could take Nifty towards 15,200, said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.

May 10, 2021 / 07:21 AM IST
Benchmark indices rose almost a percent in the volatile week ended May 7 amid worries over rising covid cases in the country and supportive global cues. In the last week, BSE Sensex added 424.11 points (0.86 percent) to close at 49,206.47, while the Nifty50 rose 192.1 points (1.31 percent) to end at 14,823.2 levels.
Benchmark indices rose almost a percent each despite high volatility during the week ended May 7. While continuously rising COVID cases in India worries the investors, positive global cues provided some support. Last week, BSE Sensex added 424.11 points (0.86 percent) to close at 49,206.47, while the Nifty50 rose 192.1 points (1.31 percent) to end at 14,823.2 levels. Here is what analysts are expecting on the Street this week.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments | The markets have held 14700 smartly. We need to see if these levels can hold on Monday; if it can, we should be headed to 15,200. If we do not hold, we will retrace back to the support levels of 14,400. Holding 14,400 is imperative for the Nifty.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments | The Nifty has held 14,700 smartly. We need to see if these levels can hold on May 10 as well; if it can, we should be headed towards 15,200. If not, we will retrace back to the support levels of 14,400. Holding 14,400 is imperative for the Nifty in the coming week.
Markets - Image: Reuters
Ashis Biswas, Head of Technical Research at CapitalVia Global Research | The rally might continue till the level of 14,900. Though it is subject to further price action but if the market breaks the level of 14,900 and sustains above the level, a new bullish rally will take place till the levels of 15,200. The momentum indicators like RSI and MACD support the upside move and indicate potential upside from the current market level.
Nirali Shah, Head of Equity Research, Samco Securities | The coming week is a short one but markets may still find it difficult to hold ground and can sway directionless within the range. A host of economic data from India industrial production numbers to inflation rate to manufacturing production figures are expected the next week. However, these numbers can be taken with a grain of salt given that markets are forward looking and the data is of the past. Any aggressive selling on part of FPIs may keep markets under pressure unless the domestic players can maintain the dynamics. Investors are suggested to remain invested and increase allocation to equities on every healthy correction.
Nirali Shah, Head of Equity Research, Samco Securities | The coming week is a short one but market may still find it difficult to hold the ground and can sway directionless within a range. A host of economic data are expected this week. However, these numbers can be taken with a pinch of salt given that markets are forward looking and the data is of the past. Investors are suggested to remain invested and increase allocation to equities on every healthy correction.
Ajit Mishra, VP Research, Religare Broking | The coming week is a holiday shorted one and participants will be eyeing macroeconomic data viz. IIP and CPI inflation on May 12 and WPI Inflation on May 14. Though we’ve not seen any major impact of the COVID second wave on markets yet, the news of strict lockdown in several states may deteriorate the sentiment ahead. Amid all, participants are keeping a close watch on the vaccine drive as well. In the next leg of earnings season, some of the prominent names like Asian Paints, Jindal Steel, Lupin, Voltas, Cipla, Dr Reddy’s, Escorts, LT and Vedanta will declare their results along with several others.
Ajit Mishra, VP Research, Religare Broking | This week is a holiday-shorted one and participants will be eyeing macroeconomic data viz. IIP and CPI inflation on May 12 and WPI Inflation on May 14. Though we’ve not seen any major impact of the COVID second wave on markets yet, the news of strict lockdown in several states may deteriorate the sentiment ahead.
Rakesh Patil
first published: May 10, 2021 07:21 am

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