Looking at the quarterly results of Reliance Industries, the stock market can have a strong start next week. Tata Consumer, ITC, Godrej Consumer Products, DLF, Indiabulls Realty, Sun Pharma, Wipro, and SBI are likely to buy. If we talk sector-wise, then the focus of investors can be on real estate and consumer goods companies.
Futures market deals are indicating the Nifty to remain in the range of 15,700 to 16,000 next week. If Nifty remains above 15,800, then it can be seen moving towards 15,962 first. However, after that, he will try to cross 16,000. If the downside pressure builds, the first support will be found at 15,750. If Nifty comes below this level near 15,700, buying in weakness will come out.
There has been a lot of volatility in the domestic stock market this week. India VIX, which shows volatility trends, rose marginally by 0.51%. The volatility index rose from 11.70 to 11.76 at the end of the week. It jumped above 14 on Tuesday. A fall in this is a sign of the increasing dominance of the bulls in the market. Buying comes out in the market every fall.
On Friday, the last trading day of the week, the stock market closed strongly amid volatility. The Sensex was up 138.59 points, or 0.26%, at 52,975.80. Nifty closed at 15,856.05 with a gain of 32.00 or 0.20%. The Nifty Mid Cap index of mid-cap stocks closed with a gain of 0.11% amid volatility in frontline stocks. The biggest jump of 1.29% in the sector index supporting the market came in Nifty Realty.
Talking about the foreign markets giving direction to the domestic market, the US CBOE VIX declined by 6.77%. The Dow Jones remained at a higher level and closed with a strength of 1.07%. After a heavy fall in the beginning, the bulls dominated the market. He bought every drop near the record-high level. In this, a pattern of higher high and higher low is being formed from four sessions. In the next few sessions, it can be seen touching new heights.
Foreign Institutional Investors (FIIs) remained sellers throughout the week. He sold shares worth a net Rs 5,445 crore. Domestic Institutional Investors (DIIs) bought shares worth a net Rs 5,051 crore. FII has sold shares worth a net Rs 12,368 crore so far this month while DII has bought shares worth a net Rs 10,187 crore.
Gold fell 1.08% this week. In this, the pattern of lower high is being formed for two weeks. If the decline continues, support can be found first at 47,300 and then at 47,000. Buying strategy on every downtrend will be right for investors. Silver prices fell by 1.85% this week.
If we talk about crude oil, then this week it lost 0.61%. There was a sharp decline on Monday, but the rest of the day was a good buy. This was supported by the increase in global demand. It is forming a trending higher high and higher low pattern.
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