There may be a huge fall or a big boom in the stock market next week. Stock market experts have predicted this. Experts say that in the week starting Monday, macroeconomic data like Industrial Production (IIP) and inflation will decide the direction of the stock markets. Apart from this, the decision of the US Central Bank Federal Reserve on the interest rate and the global trend will also be important for the Indian stock markets. Apart from this, the activities of foreign funds will also be important from the point of view of the stock market. Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd. said that the past week saw a roller-coaster move in the Nifty 50 index. The Nifty ended the week at 18563.40, showing a marginal increase of 0.16% over the previous week. However, the shooting star candlestick pattern suggests a possible reversal of the current trend. Consequently, we expect the exponential moving average to pave the way for the 21-day close to the 18480-18460 zone. On breaking this support, Nifty will move towards 18320. On the other hand, Nifty can show the level of 18650-18670 on the rise. Resistance will be seen here.
The market will keep an eye on these important figures
Ajit Mishra, Senior Vice President Technical Research, Religare Broking Ltd. said, “All eyes are now on the outcome of the US central bank meeting for indicators, which will come on June 14. European Central Bank (ECB) and Bank of Japan (BOJ) will also announce their policy decisions in later sessions. Will stick to the wholesale inflation figures. Apart from this, everyone’s eyes will also be on the progress of monsoon. On the macro-economic front, April’s industrial production and May’s inflation data will come on Monday. The inflation data based on the Wholesale Price Index will be announced on Wednesday.
All eyes will be on central banks
Santosh Meena, Head of Research, Swastika Investmart Ltd. said that this week will be very important as many central banks will announce their decisions on interest rates. He said that the most important would be the outcome of the upcoming Federal Reserve’s policy meeting on June 14. Apart from this, the policy meeting of Bank of Japan and European Central Bank will also be important. Meena said, “All eyes will be on China’s industrial production data to be announced on June 15, as things hinge on this with regard to economic stimulus.” Production and inflation data will come. Stock market investors will also keep an eye on Brent crude oil prices globally and rupee fluctuations.
Market will take direction from global events
Last week, the 30-share BSE Sensex gained 78.52 points or 0.12 percent. On the other hand, the National Stock Exchange’s Nifty gained 29.3 points or 0.15 percent. Arvinder Singh Nanda, Senior Vice President, Master Capital Services, said, “This week, retail and wholesale inflation and industrial production data will give direction to the market. US retail inflation and unemployment claims data, Federal Reserve meeting and crude oil prices will also be important from the market point of view.”
