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Business News/ Markets / Stock Markets/  Sensex, Nifty week ahead: RIL AGM, key levels and other cues to watch out for
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Sensex, Nifty week ahead: RIL AGM, key levels and other cues to watch out for

Reliance Industries will hold its 43rd annual general meeting on July 15
  • RIL shares ended at a record high on Friday
  • BSE Sensex settled at 36,594 on FridayPremium
    BSE Sensex settled at 36,594 on Friday

    Indian market indices Sensex and Nifty ended lower on Friday but ended the week about 1.5% higher, extending gains to the fourth week. The NSE Nifty 50 index closed at 10,768 on Friday while BSE Sensex settled at 36,594. Markets started the week on a promising note but mixed cues capped movement as the sessions progressed. In between, volatility remained high as domestic markets continued to dance on the tune of global peers and increasing COVID cases worldwide kept markets on edge, say analysts.

    For the upcoming week, analysts will focus on the announcements at Reliance Industries 43rd Annual General Meeting, scheduled on July 15. On Friday, RIL shares settled at a record closing high when they gained 3%.

    "Given by recent past records, RIL’s AGM improves the mood of its stock price and given the huge weight in index, markets too are expected to remain on a higher side unless negative global cues spoil the RIL AGM party. This time it is expected that the AGM would garner maximum viewership given the slew of deals cracked for Jio Platforms," said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.

    Also during next week, many companies, including Infosys, Wipro and HCL Tech will announce their earnings.

    Dalal Street next week - Here is what analysts expect

    Ajit Mishra, VP - Research, Religare Broking Ltd.

    "On the result front, we had IT major, TCS, which reported subdued Q1FY21 numbers largely impacted by COVID led lockdown. Further, management was confident as they stated that the effect of the pandemic on the business is bottomed out and the company would start seeing recovery from Q3FY21 onwards.

    In the coming week, participants will first react to the macroeconomic data and then focus would again shift to the earnings announcements. Needless to say, global cues and updates related to COVID-19 will also remain on their radar.

    We’ve been seeing a gradual recovery, following upbeat global markets and favorable local cues. However, the concern related to rising COVID-19 cases in India and aboard is still lingering, and that, in turn, affecting the pace of economic activities.

    We suggest limiting aggressive bets at current levels and awaiting clarity over the next directional move. As of now, the Nifty index is likely to trade within 10,500-10,950 zone next week and expect volatility to remain high on the stock-specific front. We advise traders to keep existing leveraged positions hedged while investors should focus on upcoming earnings announcements for cues."

    Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

    “It is hard to believe but the Nifty gyrated in a slender range of merely 160 points during the week. In the midst of all this, the Nifty concluded the week with moderate gains of one and half percent gains.

    It’s been a stellar Bull run for our markets since the March lows and markets never looked back to reach the crucial zone of ‘200-SMA’ on daily chart. The kind of lethargic activity we witnessed in the week gone by was quite evident, because the market has seen a relentless move without any major halt in between and has reached such a crucial junction. Firstly, as mentioned the key moving average of 200-SMA on a daily chart. This coincides with the Weekly 89-EMA as well as monthly 20-EMA and hence, the bulls had to respect them. Ideally, if the market has to correct, this is the perfect zone from where it can. In fact, we had clearly advocated booking profits in the ongoing rally in the zone of 10700-11000 and we continue to do so at least for momentum traders.

    "But by no means, we advise going short on the market because the momentum in individual stocks is still strong and importantly, we are seeing a consensus opinion about the market correcting from current levels. As we all know, when everyone expects a fall, it never comes and vice versa. So, in our sense, the Nifty would first surpass the 10850 mark and head towards the 78.6% retracement zone of the entire fall i.e. 11000-11200, where we can actually see some profit booking taking place. If consensus view has to fail, this possibility cannot be ruled out."

    Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    "The short term trend of Nifty is range bound with weak bias. The overall daily/weekly chart pattern indicate a possibility of reversal in Nifty around 10800 levels in the coming week. Beginning of decline from the highs is likely to bring bears into action. Important supports to be watched for the resumption of weakness is at 10700. Any upside bounce could find stiff resistance around 10800-10850 levels."

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    Published: 11 Jul 2020, 02:32 PM IST
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