Sensex may open in positive zone, thanks to better GDP data
Last week market saw some consolidation near the top. Markets may scale new highs in coming week as India’s GDP numbers of 7.5% contraction surprised the street late Friday after markets
image for illustrative purpose
Mumbai: Last week market saw some consolidation near the top. Markets may scale new highs in coming week as India's GDP numbers of 7.5% contraction surprised the street late Friday after markets. The GDP likely to boost market sentiments. FPIs net buyer in equity with highest inflow in month of November. Sentiments to be impacted as Auto sales data for the month of November to flow from Tuesday. RBI meet between December 2 and 4 is a major event to watch. Month of December to also focus on closing NAV for foreign funds.
Sensex may witness bigger move either side as range narrowed down last week. It closed at 44,149 levels, up-trend to resume sustaining above 44,750 levels simultaneously. Downside trend could be seen sustaining below 43,600 levels.
"Sensex on Tuesday to open positive on backdrop of better than expected GDP figures," says Nilesh Karani, V-P, Research, Magnum.
However, on the upside first resistance 44,00-44,440 levels and next 44,570-44,620 levels, he added.
If Sensex sustains above 44,650 levels on closing basis, can witness new uptrend till 45K levels and beyond. On the flipside immediate support near 44K levels, sustaining below 44K the next level to watch should be 43,840-60 level and next 43,700-740 levels and next 43,550-600 levels, sustaining below 43,550 would witness deep correction.
"The week ahead would see benchmark indices under some selling pressure and at best could turn sideways on account of lack of interest or follow up buying or profit taking", says Arun Kejriwal, a market expert.
The focus would shift to the midcap and small cap space and one would see more buoyancy in the markets, he added.
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