The domestic stock market, which went to a record high level this week, may continue to rise. The futures market deals are showing signs of taking new positions for bullishness. Nifty may remain in the range of 15,500 to 16,000 points next week. The decline in the volatility index India VIX is also indicating a continuation of the bullish trend.
India VIX shows how much movement the market can expect for the next 30 days. This week it fell 11.54% from 15.94 to 14.10. It has decreased continuously in the last 17 months since February 2020. The increasing weakness in VIX is indicating to make a buying strategy every fall.
Foreign institutional investors (FIIs) were buyers for most of this week. He bought shares worth a net Rs 1,738 crore last week. Domestic Institutional Investors (DIIs) sold shares worth a net Rs 823 crore. FII reduced the bets on the index futures while increasing the deals in the shares.
As far as gold is concerned, it has gained a slight gain of 0.10% this week. The bullish pattern of higher highs that have been forming for the last five weeks has had no effect. The bulls showed sluggishness in the bullion market amid the uptrend in the stock market.
The demand for gold will increase in the coming days after the restrictions related to unlocking and Covid are removed. If this happens, it can be seen crossing the level of Rs 49,000 per 10 grams. Silver rose marginally by 0.92% last week.
The rupee weakened against the dollar this week. IT companies got the benefit of this in the stock market. BSE Sensex and NSE Nifty made new all-time highs this week. It also benefited from a reduction in new cases of infection and an accelerated vaccination campaign.
This week, the price of crude oil gained 2.70% on a weekly basis. In this, a bullish higher high and higher low pattern is being formed for the last three weeks. The expectation of faster recovery than expected in the economy is boosting its strength.
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