Monday, March 4, 2024

Market Outlook: The stock market is likely to remain in a limited range this week, what do experts say?

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Market Outlook This Week : In the absence of any major catalyst domestically, the stock market is likely to remain in a limited range this holiday week. Analysts have expressed this opinion. According to him, the stock market indices may face fluctuations this week amid the expiry of monthly derivative deals on Thursday. Last week, BSE Sensex fell by 376.79 points or 0.52 percent while NSE Nifty lost 107.25 points or 0.49 percent. This fall in the domestic markets came after setting new records of bullishness. Both the benchmark indices had reached their all-time high during trading on December 20.

Stock markets will remain closed on Monday on the occasion of Christmas

Stock markets will remain closed on Monday on the occasion of Christmas. Experts believe that the markets were in a race to create records for some time. In such a situation, there was a possibility of it being curbed in the form of profit booking. This is the reason that after seven consecutive weeks of growth, the week has ended with a decline.

Expert opinion

Santosh Meena, Head of Research, Swastika Investmart Limited, said, “There will be a lack of signals at the global level due to Christmas holidays this week. Due to this, the dynamics of the domestic market will control the fluctuations in industry sectors and specific stocks.” He said that the expiry of December futures and contract deals with limited signals may bring volatile conditions in the market.

Jitendra Gohil, Chief Investment Strategist, Kotak Alternate Asset Managers Limited, said, “Although the valuation of India’s equity market is high, the possibility of a stable government at the Center may keep the Sensex and Nifty high for now. Apart from this, foreign investors i.e. FPI Due to FPI’s share being at the lowest level in 10 years, foreign buying may come in the debt market.

Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services Limited, said, “The holiday season is starting with Christmas. In such a situation, we expect the markets to remain in a limited range this week with emphasis on specific stocks.” Apart from this, the position of rupee against global oil standard Brent crude and US dollar will also play an important role in deciding the direction of the stock market.

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