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- Foreign Investor Activity & Global Market This Week | Iran US Talks Pressure
Mumbai14 minutes ago
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Due to no concrete agreement in Iran-US talks, the market may see sharp fluctuations in the week starting from April 13. Volatile prices of crude oil, activity of foreign investors and movements in the global market will also be the main factors determining the direction of the market.
Last week was the best for the stock market after February 2021. Nifty closed at 24,050 with a gain of 6% on hopes of easing tensions due to talks between Iran and America. Now will the market be able to maintain this rise? Let us understand…
Support and resistance
Support Zone: 23,940 | 23,850 | 23,462 | 23,330 | 22,857
Support means, 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: 24,143 | 24,387 | 24,450 | 24,538 | 24,650 | 25,002
Resistance means 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.
Now 3 factors which can decide the direction of the market…
1. Iran-America talks inconclusive, impact on crude oil will be visible
The 21-hour long talks between Iran and the US in Pakistan to reduce tension in the Mid-East have ended without any agreement. US Vice President JD Vance said that he is returning without any deal. Its direct impact can be seen on the market and crude oil prices on Monday. If crude prices increase, it will increase pressure on the Indian market. Currently, Brent crude is around $95.20 per barrel.
2. Results of big companies will decide the direction
The market will also keep an eye on the fourth quarter (Q4) results coming this week. About 50 companies listed on BSE will present their results. Among the Nifty giants, the results of Wipro, HDFC Bank and ICICI Bank will be most important. Apart from this, the results of many other companies of banking and financial sector like Yes Bank, Angel One and HDFC Life are also to come this week.
3. FII selling and rupee movement
Foreign institutional investors (FIIs) have sold shares worth Rs 48,213 crore so far in April, which is a matter of concern for the market. However, on Friday he had made a net purchase of Rs 672 crore. On the other hand, the position of the rupee also remains delicate. Experts say that the rupee may fall to the level of 93.50 to 94 against the dollar in the coming days.
Expert View: Nifty can go up to 24,700
According to Nilesh Jain, Technical Research Head, Centrum Broking, the market structure is positive and Nifty has crossed the psychological level of 24,000. Now the index may move towards 24,300 to 24,500. Whereas Ajit Mishra of Religare Broking believes that if the market holds the level of 23,500, then it can go up to 24,700.
IPO Market: 2 new issues will open this week
Action will also be seen in the primary market this week. The Rs 1,340 crore IPO of ‘Citius Transnet InvIT’ will open on April 17. Also, Mehul Telecom’s SME IPO will also open for subscription on the same day. On the listing front, three companies including Om Power Transmission will debut in the market.
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