Uptrend in the stock market may continue for the coming week
According to the market analysts, the uptrend in the stock market may continue for the coming week after the U.S. markets showed a robust performance on Friday.
ANI
Apr 28, 2024 17:21 IST
New Delhi[India], April 28 (ANI): According to market analysts, the uptrend in the stock market may continue for the coming week after the US markets showed a robust performance on Friday.
The coming week will be dominated by the corporate earnings releases and the highly anticipated Federal Open Market Committee (FOMC) meeting scheduled for April 30 to May 1.
The experts highlighted that overall Asian markets are poised to carry forward the bullish sentiment as April draws to a close, despite looming challenges anticipated for May.
"We expect positive markets this week, driven by continued corporate earnings catalysts, and In India, we expect sideways to slightly positive markets this week. The strong earnings and guidance from US Big Tech bolstered the market last week said Ajay Bagga, Market and Banking expert.
"Nifty continues to remain in an uptrend in the medium term. For the week, we expect Nifty to trade in the range of 22900-22000 with mixed bias" said Rajesh Palviya SVP Research (Head Technical & Derivatives) Axis Securities Ltd.
He further added that the chart pattern suggests that if Nifty crosses and sustains above 22600 level it would witness buying which would lead the index towards 22800-22900 levels.
The anticipated rate cuts by the Federal Reserve in 2024 are expected to diminish real yields, rendering gold and silver more appealing as non-yielding assets, and the continuous global uncertainties, encompassing geopolitical tensions and economic instabilities, bolster the allure of gold and silver as safe-haven assets and can pose a risk on the market.
In the last week, the benchmark indices continued positive momentum, the Nifty ended 1.23 percent higher while the Sensex was up by 642 points.
Among sectors, all the major sectoral indices registered buying interest but the PSU Bank index outperformed and gained 6.5 percent. During the week, the market bounced back sharply but on last Friday it witnessed profit booking at higher levels. (ANI)
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