The market rose nearly 1 percent in the week ended June 11, extending the positive momentum for the fourth straight week with benchmark indices hitting new highs amid positive cues. Here is what experts think will be the major triggers for the market this week:
2/4
Ashis Biswas, Head of Technical Research at CapitalVia Global Research | The market witnessed some lackluster movement and tried to hold the support at around 15,800. Sustaining above 15,800 level will be crucial and the Nifty can expect to gain momentum, leading to an upside projection of 15,900. The market expects 15,900 to will act as resistance but technical factors are aligned to support the positive momentum.
3/4
Ajit Mishra, VP Research. Religare Broking | Participants will first react to the IIP numbers. On June 14, both CPI and WPI inflation are also scheduled. With the beginning of the monsoon season, the news of its progress will remain on participants’ radars. Globally, markets will closely watch the outcome of the US Fed meet on June 16. We expect the prevailing consolidation in the global markets to end if the US Fed reaffirms its dovish stance on interest rates amid the inflation fear. Apart from these factors, there will be a noticeable buzz in the primary market next week as 4 IPOs—Shyam Metalics, Sona Comstar, Dodla Dairy and Krishna Institute of Medical Science—are lined up. We feel banking contribution would be critical to help Nifty test the next milestone of the 16,000. In case of any profit-taking, the Nifty will find support around 15,550 and 15,400 levels. We reiterate our bullish view and suggest continuing with the “buy-on-dips” approach.
4/4
Nirali Shah, Head of Equity Research, Samco Securities | The Fed's meeting will keep the market volatile though it has already hinted at keeping interest rates to near-zero levels to aid the recovering economy. Any development on the same would be keenly awaited. Nevertheless at current juncture, increase in rates and tapering fears appear kind of muted, with the US 10-year treasury yield already hovering near the bottom end of its recent range. It is advised that the long-term investors continue with their investments in marquee names in a phased manner.
