Market Review: Market losses continued as the stimulus scheme disappointed with the extension of the lockdown. The boom of covid-19 cases in the country has upset the investors.
International factors and sales of FIIs have affected market sentiment. Even though the RBI slashed key rates by 0.4 %, it was unable to fill the volatility in the markets. Barrel crude prices rose 8.1 percent to $ 35.1 a barrel. The Indian rupee was approximately at 76 rupees against the US dollar.
As the US economy began its operations, global markets ended in profit. In all, the Sensex closed at 30,673 points, down 1 percent last week. The Nifty fell 1% to close at 9,039. So far this month, FPIs have infused Rs 9089 crore into equities. The ratio of Profit and Loss Shares to 5:6 is indicative of the market default.
Predictability for the week: Market losses for the third consecutive week ended. If the Sensex reaches below 29600 .. there is a possibility of correction of 28640- 29,075 points. If you gain more, 31,100 points, then there is a 31,900 level of resistance.
Affective Factors: Markets may signal from global developments. Indices may fluctuate in the absence of key developments domestically. The rise in corona cases in India is likely to have an impact. However, as economic activity is back in the groove, investors are more likely to act. Predictions on fourth-quarter GDP figures for 2019-20 Leading companies such as Sun Pharma, HDFC, Dabur, TVS, Lupin, Bata, United Spirits, and Voltas are expected to deliver results. News about the Covid-19 vaccine is going to be crucial for global markets. Investors may focus on US GDP and employment statistics.
Immediate Support Levels: 30,378, 29,968, 29,602;
Resistance levels: 31,189, 31,901, 32,264
More to read: Negative signals for indices,
GST EXCEEDED Rs. 1 LAKH CRORES EVEN IN JANUARY,
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