The week starting tomorrow, July 13, is going to be very important for the Indian stock market. This week, the direction of the market will be decided by 5 big factors like the June quarter results of big companies like Reliance and HDFC Bank, increasing tension in the Middle East and crude oil prices. Let us understand what can happen in the market next week… Support and Resistance Support Zone: 24,125 | 23,935 | 23,872 | 23,812 | 23,783 | 23,466 Support i.e., the level where the stock or index gets support from falling down. The price does not go down easily due to increase in purchasing here. There may be a buying opportunity here. Resistance Zone: 24,382 | 24,450 | 24,480 | 24,535 | 24,646 | 24,685 Resistance i.e., the level where there is a hindrance in the stock or index going up. This happens due to increase in sales. There is hope for an uptrend after crossing the resistance zone. Note: Support and resistance levels are as per the report of Wealth View Analytics. 5 factors that will decide the direction of the market… 1. Q1 results of 143 companies including Reliance and HDFC Bank This week, a total of 143 companies of the country will announce their quarterly results. These include companies like Reliance Industries, HDFC Bank, ICICI Bank, Axis Bank, Wipro and HCL Tech. Market experts will keep an eye on the results of these companies as well as further management commentary. 2. Crude oil prices and increased tension between America and Iran. After increasing geopolitical tension in the Middle East, crude oil prices have once again come into focus. Last week, Brent crude has increased by 5% and WTI crude has increased by more than 4%. The main reason for this is America’s attack on Iran and Iran’s warning of counterattack. 3. FII and DII activity Foreign institutional investors (FIIs) bought shares worth ₹4,670 crore last week. Domestic institutional investors (DIIs) also supported the market and made net purchases of ₹8,280 crore. This week too, investors will keep an eye on FII and DII activities. 4. Movement of global market: The impact of global market signals can also be seen on Indian markets. The US market’s Nasdaq closed 0.29% and Dow Jones 0.29% stronger on Friday. In Asian markets, South Korea’s Kospi rose 2% and Japan’s Nikkei rose 1.4%. 5. Technical Chart: 24,550 level is important resistance for Nifty According to Sudeep Shah of SBI Securities, Nifty is currently hovering around its moving average. In the coming days, the zone of 24,500-24,550 will act as a major resistance for Nifty, while on the downside, the zone of 23,950-23,900 will act as a strong support. On Friday, the Sensex closed with a rise of 828 points. On Friday, July 10, the Sensex closed at 77,569 with a rise of 828 points (1.08%). Nifty also rose by 244 points (1.02%), reaching 24,206. There was maximum buying in bank and realty shares. Disclaimer: This article is for information only. The opinions and advice given above are of individual analysts or broking companies and not of Dainik Bhaskar. We advise investors to consult certified experts before taking any investment decision.
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5 factors will decide the movement of the stock market this week: Investors will also keep an eye on Reliance-HDFC Bank’s Q1 results, America-Iran tension
