Macroeconomic data, global trends key factors to drive trends in markets this week- Analysts
In a data-packed week, the domestic macroeconomic figures — industrial production and inflation numbers — along with global trends would dictate trends in the equity market this week, analysts said.
According to experts, markets may face volatile trends due to high valuations. Equity benchmark indices Sensex and Nifty hit their fresh record peaks on Thursday.
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Besides, trading activity of foreign investors, movement of global oil benchmark Brent crude and rupee-dollar trend would also influence trading in equities.
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Markets show signs of rebound as PSU banks surge and Nifty edges upward
By Anand James
Nifty PSU Bank index’s 4% jump on Friday appears to have jump started a recovery in the broad market. The sharp rise in PSU bank index comes after a prolonged sell off that had begun even before Nifty cracked. The PSU banks constituents in the bank nifty has also helped the index get enough elevation that could be considered more than just a dead cat bounce. This encourages us to look for 43,000-43,360 on the Bank nifty index this week, with downside markers placed a tad below 42,600.
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Meanwhile, Nifty registered a turn from the oversold territory that it had found itself on Thursday, after a prolonged selling for six consecutive days, and appeared to some as heading for a bottomless pit while it lasted. Both the non stop…