Market- outlook week a head #Nifty
Domestic and global market wrap up March on positive note, Dow rose more than 400 points while the S&P 500 and Nasdaq added 1.4% and 1.7%, respectively. Whereas, Indian markets ended FY23 on a strong note with nearly 2% jump on Friday.
Stock markets will remain closed for two days this week on account of public holidays. exchanges will not function on April 4 for Mahavir Jayanti and on April 7 due to Good Friday.
Week a head
It will be a busy week in the US with nonfarm payrolls, JOLTS job openings, ISM services and manufacturing PMI and external trade data taking the central stage.
Also, inflation rates will be released for some countries and central banks in India will decide on the course of monetary policy. Finally, PMI figures are set to show the state of the manufacturing sector in China, India.
Fundamentally
Market Valuation too has come off substantially from 24x 1-year forward P/E in Oct’21 to 17x currently (v/s 20x long period average)
Technically
Nifty has been testing 16800/17000 support levels from quite sometime which will likely to act as critical support.
Meanwhile, Solicitor RSI showing positive diversion. Thus, important resistance to look at will be 17553/17670.
Long term prospective 17882 will be the important VWAP level to break.
Stock markets will remain closed for two days this week on account of public holidays. exchanges will not function on April 4 for Mahavir Jayanti and on April 7 due to Good Friday.
Week a head
It will be a busy week in the US with nonfarm payrolls, JOLTS job openings, ISM services and manufacturing PMI and external trade data taking the central stage.
Also, inflation rates will be released for some countries and central banks in India will decide on the course of monetary policy. Finally, PMI figures are set to show the state of the manufacturing sector in China, India.
Fundamentally
Market Valuation too has come off substantially from 24x 1-year forward P/E in Oct’21 to 17x currently (v/s 20x long period average)
Technically
Nifty has been testing 16800/17000 support levels from quite sometime which will likely to act as critical support.
Meanwhile, Solicitor RSI showing positive diversion. Thus, important resistance to look at will be 17553/17670.
Long term prospective 17882 will be the important VWAP level to break.
כתב ויתור
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