Apart from this, due to the settlement of monthly derivative contracts, the market may also see volatility, he said.
Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, said that the minutes of the Federal Open Market Committee (FOMC) meeting will be released this week, which will give the market further indicators.
Religare Broking Ltd. In the absence of any major developments on the domestic front, Ajit Mishra, vice-president, research, said that the direction of the local market will be determined by the global trend, crude oil prices and currency movements. Apart from this, due to the settlement of derivative contracts for the month of November, the market may also see volatility.
The 30-share BSE Sensex ended the week with a loss of 131.56 points or 0.21 per cent. At the same time, the Nifty declined by 42.05 points or 0.22 percent. There was some weakness in the global markets as well.
Pravesh Gaur, Senior Technical Analyst, Swastika Investmart said, “The market traded in a narrow range in the absence of indicators. Amidst settlement of derivatives contracts, the market will now wait for indicators for direction. There is a good chance that the market will go up now. However, profit booking is being seen in the market widely.
Talking about the global front, he said that some ups and downs can be seen from the details of the FOMC meeting. Also, the flow of institutional investors will be important. It has come down in the last few seasons.
Vinod Nair, Head of Research, Geojit Financial Services, said that in the absence of any major developments on the domestic front, the market will take direction from the global indicators.
Source: navbharattimes.indiatimes.com
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