Global Trend in stock markets, the movement of the Indian rupee against the US dollar and crude oil prices will dictate the trend on the stock exchanges in the near term. Besides, Investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will be monitored.
Accordingly, market watchers said that the upswing seen late last Friday on account of rejig in international index weights might not sustain in the coming week. "Nifty has showed remarkable bounce from the intraday lows on March 19.
One will have to watch as to whether this uptrend continues early next week even after the FTSE rebalancing is done with," "US Bond yield moves will be one of the important factors to track. 14,919 remains a strong resistance for the Nifty while 14,529 could be a support.
“Last week, the key domestic indices posted losses amid high volatility as markets closed in the red on 4 out of 5 trading sessions. Factors such as the resurgence of Covid-19 cases in various part of the country made investors jittery.
"The Federal Reserve could remain a source of angst for markets in the week ahead, with chairman Jerome Powell scheduled to testify twice before Congress and more than a dozen other Fed speeches expected," Besides, a contraction in IIP data for January and spike in India's inflation had also triggered selling. A sharp increase in the US treasury yields and firm crude oil prices did not help investors' sentiment.
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